B C D F H 1 The following transactions occurred for Lantana Company during its first month of operations 2 and have been recorded in the T-accounts below. 3 4 6 a. Received $50,000 cash from owners in exchange for common stock. 5 b. Purchased land for $20,000, paid $5,000 in cash and signed a 2-year note for the remainder. c. Bought $900 of supplies on account. 7 d. Purchased $10,000 of equipment, paying cash. 8 e. Paid $500 on account for supplies purchased in transaction (c). 9 10 Cash 50,000 Supplies 900 11 a. b. C. 12 5,000 10,000 500 d. 13 e. 14 bal. 34,500 bal. 900 15 16 Land 20,000 d. 17 b. 18 Equipment 10,000 19 bal. 20.000 bal. 10,000 20 21 Accounts Payable 500 Note Payable 22 e. 900 C. 15,000 b. 23 24 ANAL 1. ALL Sheet1 READY LE 100% Attempt(s) B D E F H 19 bal. 20,000 bal. 10,000 20 21 Accounts Payable Note Payable 22 e. 500 900 C. 15,000 b. 23 24 400 bal. 15,000 bal. 25 26 27 Common Stock 50,000 a. 28 29 50.000 bal. 30 31 Required: 32 Using the T-account BALANCES and the information in the transactions, 33 prepare a classified balance sheet for Lantana Company. 34 Note: Use cell references to the T-account titles to complete columns B and G. Use cell references to the 35 T-account balances and formulas to complete columns C and H. List long-term assets in alphabetical order. 36 37 LANTANA COMPANY 38 Balance Sheet 39 At December 31, 2016 40 Assets Liabilities and Stockholders' Equity 41 Current Assets Current Liabilities 42 Sheet1 + READY Attemntis 100% 35 T-account balances and formulas to complete columns Cand H. List long-term assets in alphabetical order. 36 37 LANTANA COMPANY 38 Balance Sheet 39 At December 31, 2016 40 Assets Liabilities and Stockholders' Equity 41 Current Assets Current Liabilities 42 43 44 Total Current Assets Total Current Liabilities 45 46 Long-term Assets 47 Long-term Liabilities 48 49 Total Long-term Assets 50 Total Long-term Liabilities Total Liabilities 51 52 Stockholders' Equity 53 54 0 55 56 Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 57 Total Assets Sheet1 READY Attempt(s)