Prepare a classified balance sheet for Tucson Co. for the year ended December 31 using the following data.

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$ 1,000 Notes payable (due in 5 years) . $ 10,000 Common stock Cash. Preferred stock... Salaries payable .. 20,000 8,000 Land .. 25,000 5,000 Retained earnings. 7,000 Accounts payable. 4,000 Accounts receivable. Treasury stock.. 3,000 Paid-in capital in excess of par value, common stock.. 17,000 6,000 Paid-in capital in excess of par value, preferred stock... 2,000