Balance Sheet Baggett Company's balance sheet accounts and amounts as of December 31, 2016, are shown in random order as follows: Account Debit (Credit) Account Debit (Credit) Income Taxes Payable Additional Paid-in Capital on Preferred Prepaid Items $(3,800) 1,800 (9,300) Stock Additional Paid-in Capital on Common Stock Land 12,200 Allowance for Doubtful Accounts Bonds Payable (due 2020) Buildings Sinking Fund to Retire Bonds Payable $(7,900) (1,600) (23,000) 57,400 5,000 (2,600) Notes Payable (due 2019) (6,000) 16,400 Notes Receivable (due 2018) Accounts Receivable 12,600 Advances from Customers (long-term) Premium on Bonds Payable (1,400) Cash 4,300 Accounts Payable Accumulated Depreciation: Equipment Inventory Retained Earnings (13,100) 7,400 (21,000) 4,600 (9,700) (18,300) (18,600) (1,400) Accumulated Depreciation: Buildings Preferred Stock, $100 par Patents (net) Wages Payable Common Stock, $10 par Equipment 28,700 (12,700) Required: 1. Prepare a December 31, 2016 balance sheet for the Baggett. Liabilities Current Liabilities: Accounts payable S 13,100 Income taxes payable 3,800 1,400 $ 18,300 Wages payable Total current liabilities Long-Term Liabilities: Bonds payable (due 2020) $ 23,000 1,400 Premium on bonds payable $ 6,000 Notes payable (due 2019) Total long-term liabilities 30,400 Other Liabilities: Advances from customers (long-term) 2,600 Total liabilities 51,300