These items are taken from the financial statements of Longhorn Co. at December 31, 2025.

InstructionsPrepare a classified balance sheet. Assume that $13,600 of the note payable will be paid in 2026.

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Buildings Accounts receivable Prepaid insurance Cash Equipment Land Insurance expense Depreciation expense Interest expense Common stock Retained earnings (January 1, 2025) Accumulated depreciation-buildings Accounts payable Notes payable Accumulated depreciation-equipment Interest payable Service revenue $105,800 12,600 3,200 11,840 82,400 61,200 780 5,300 2,600 60,000 40,000 45,600 9,500 93,600 18,720 3,600 14,700