Adams Company reports the following balance sheet accounts as of December $31.$

Salaries payable

Buildings

Prepaid rent

Merchandise inventory

Accounts payable

Prepaid insurance

Accounts receivable

Common stock

$$7,200$ Retained earnings

$74,200$ Notes payable $($due in $9$ years$)$

$54,000$

$4,400$

$46,000$

$7,400$

$36,000$

$40,000$

Required:

Prepare a classified balance sheet.

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