Athletic Performance Company (APC) was incorporated as a private company. The companys accounts included the following at July 1: Accounts Payable $ 4,600

Buildings 215,000

Cash 13,600

Common Stock 324,000

Equipment 22,000

Land 98,000

Notes Payable (long-term) 25,500

Retained Earnings 0

Supplies 5,500

During the month of July, the company had the following activities:

a. Issued 3,900 shares of common stock for $390,000 cash.

b. Borrowed $35,750 cash from a local bank, payable in two years.

c. Bought a building for $208,250; paid $62,250 in cash and signed a three-year note for the balance.

d. Paid cash for equipment that cost $152,000.

e. Purchased supplies for $13,100 on account.

5. Prepare a classified balance sheet at July 31. Include Retained Earnings on the balance sheet even though the account has a zero balance.