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3. Prepare a classified balance sheet as of December 31, Year 1. (Amounts to be deducted should be indicated by a minus sign.) Balance Sheet December 31, Year 1 Assets Liabilities $ $ Current assets: Cash Accounts Receivable Prepaid Rent Supplies Current liabilities: 11,400 Accounts Payable 144,000 Salaries Payable 5,400 Interest Payable 27,000 11,400 10,400 4,400 Total current assets 187,800 Total current liabilities Notes Payable 26,200 34,000 Total liabilities 60,200 Stockholders' Equity Long-term assets Equipment Accumulated Depreciation S 340,000 (129.000) Common Stock Retained Earnings 240.000 54,000 Total long-term assets Total assets 211.000 Total stockholders' equity 398 800 Total liabilities and stockholders equity 294.000 354,200 $ $ rs 1, 2, & 3 (No late submissions.) i Saved The December 31, Year 1, adjusted trial balance for a company is presented below. Credit Debit $ 11,400 144,000 5,400 27,000 340,000 Accounts Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Depreciation Expense Interest Expense Totals $129,000 11,400 10,400 4,400 34,000 240,000 54,000 440,000 340,000 17,000 34,000 4,400 $923, 200 $923, 200