1. Daymar Caf had the following assets: Machinery, $7,450; Cash, $1,300; Land, $11,500; Prepaid Expenses, $3,150; Accounts Receivable, $2,750; Inventory, $5,500; and a building, $13,000. At year-end, on June 30, 2019, Lara Middleton's capital account had a balance of $8,750. The company's only liabilities are: Long-Term Debt, $22,500; Accounts Payable, $5,950; and Accrued Expenses, $7,450. Prepare the company's balance sheet, distinguishing between current and long-term assets and liabilities. Red Boat Co. Balance Sheet June 30, 2015 Assets Current assets: Cash Accounts receivable $ 1,300 2,750 2,750 5,500 3,150 $12,700 Accounts receivable Inventory Prepaid expenses Total current assets Property, plant, and equipment: Land Building Machinery Total property, plant, and equipment Total assets Liabilities Current liabilities: Accounts payable Accrued expenses $11,500 13,000 7,450 31,950 $44,650 $5,950 7.450 $13,400 22,500 $35,900 Total current liabilities Long-term debt Total liabilities Owner's Equity Lara Middleton, capital Total liabilities and owner's equity 8,750 $44,650