1. Prepare a classified balance sheet from T accounts. HOME INSERT PAGE LAYOUT Preparing a classified balance sheet - Excel FILE FORMULAS DATA REVIEW VIEW Sign In Calibri % Paste Conditional Format as Cell BIU- Alignment Number Cells Editing Formatting Table Styles. Clipboard Font Styles A1 fx The following transactions occurred for Lantana Company during its first month A B C D E F G H I 1 The following transactions occurred for Lantana Company during its first month of operations and have been recorded in the T-accounts below. 2 3 4 a. Received $50,000 cash from owners in exchange for common stock. 5 b. Purchased land for $20,000, paid $5,000 in cash and signed a 2-year note for the remainder. 6 c. Bought $900 of supplies on account. 7 d. Purchased $10,000 of equipment, paying cash. 8 e. Paid $500 on account for supplies purchased in transaction (c). 11 4 X 10 11 a. 12 13 14 bal. 15 16 17 b. 18 19 bal. 20 21 22 e. 23 24 25 26 27 28 29 Cash 50,000 34,500 20,000 20,000 Accounts Payable 500 Common Stock Land 5,000 b. 10,000 d. 500 e. 900 C. 400 bal. 50,000 a. 50,000 bal. C. bal. d. bal. Supplies 900 900 Equipment 10,000 10,000 Note Payable 15,000 b. 15,000 bal. 31 Required: 32 Using the T-account BALANCES and the information in the transactions, 33 prepare a classified balance sheet for Lantana Company. 34 Note: Use cell references to the T-account titles to complete columns B and G. Use cell references to the 35 T-account balances and formulas to complete columns C and H. List long-term assets in alphabetical order. 36 37 LANTANA COMPANY 38 Balance Sheet 39 At December 31, 2016 40 Assets Liabilities and Stockholders' Equity 41 Current Assets 42 43 44 Total Current Assets 45 46 Long-term Assets 47 48 49 50 51 Total Long-term Assets Current Liabilities Total Current Liabilities Long-term Liabilities Total Long-term Liabilities Total Liabilities 31 52 53 54 55 56 57 Total Assets 58 59 60 61 Stockholders' Equity Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 0