As a condition of the borrowings described above, CIC will be required to provide financial statements, including a classified balance sheet, to the lender. W.T. would like to see a pro forma balance sheet it a borrowing is undertaken. The account balances for December 31, 2018 for CIC are presented below. Only one additional adjustment is required. On January 31. 2018, CIC sold a parcel of land and received in retum cash and a note receivable of $10.000, due January 31, 2019. The note carries interest at the rate of 8%, but interest has not been recorded for the current year. Record this adjustment by updating the accounting equation presented below. Assume that CIC opts to borrow $800,000 under Option #2 presented above. Assume the borrowing takes place on January 1, 2019 as planned and no further transactions occur on that day. Add that transaction to the accounting equation below and then prepare a classified balance sheet for CIC for January 1, 2019 Accts Inven- Note Accum Accts Com Item Cash Ret Eam Truck Rec tory Rec Depo Pay Stock Bal 76.000 12.000 6,500 10.000 50.000 8.250 3.750 75.000 67.500 Adj Int Bal 12/31 Borrow Bal 1/1 Cowboy ice cream, Inc Balance Sheet Jory 1 2019 LIABILITIES ASSETS Current Ass Current Lates: Total Current abilities Long-term Liabilities Total Long-term Liabilities Total Current Assets Total Labios Long-term Assets STOCKHOLDERS' EQUITY: Total long-term Assets Total Stockholders' Equity Total Assets Total Liabilities & Stockholders' Equity 7