ABC Corporation has ended the first year of operations on December 31, 2016. On that date the following items were determined: Accumulated depreciation, store equipment $10, 000; Patent $20, 000; Merchandise inventory $40, 000; Note payable (long-term) $24, 000; Store equipment $50, 000; Cash balance $5, 000; Accounts payable $14, 000; Common stock $50, 000; Accounts receivable $8, 000; Treasury Stock $10, 000; Taxes payable $2, 000; Preferred Stock $20, 000; and Retained earnings $13, 000. Required: Based on the above information, prepare a classified balance sheet for the ABC Corporation