2. Use the following accounts and related balances to prepare the classified Balance Sheet of Whitehall, Inc., at September 30, 20X7. Use the account format of the Balance Sheet.

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Ordinary share, $1 par, 50,000 shares authorized, Long-term note payable... 80,000 Inventory... 85,000 20,000 shares issued.. 20,000 Property, plant and Dividends payable.............. 4,000 equipment, net...... 226,000 Cash........... 9,000 Accounts receivable, net.... 23,000 Accounts payable... 28,000 Preference share, $3.75, no-par, Paid-in capital in excess 10,000 shares authorized, of par Ordinary share................ 115,000 2,000 shares issued... 24,000 Treasury share, Ordinary, Accrued liabilities. 3,000 1,000 shares at cost........ 6,000 Retained earnings...... 75,000