Lake Company provided the following information for the current year ended December 31.

Requireda. Prepare the current-year classified balance sheet using the report format.

b. Prepare the current-year classified balance sheet using the account format.

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Account Bonds payable, due in 10 years Investments at fair value (current) Accounts payable Additional paid-in capital Dividends payable Equipment under capital lease Intangible assets-net Merchandise inventory Income taxes payable Cash Accumulated other comprehensive income Current portion of long-term debt Property, plant, and equipment-net Investments in affiliate companies (noncurrent) Accounts receivable Notes payable, due in 5 years Retained earnings Obligations under capital leases Obligations under pension plans Deferred tax liability (noncurrent) Common stock, $1 par value Totals Debit $ 25,000 856,800 207,000 667,500 12,750 1,098,000 43,000 60,000 $2,970,050 Credit $ 200,975 135,000 400,000 3,200 32,525 20,000 100,000 300,000 701,735 210,500 185,400 16,000 664,715 $2,970,050