Balance Sheet Exercise 1: Helen's Piano Shop Below you will find the items for the balance sheet for Helen's Piano Shop for the period ended December 31, 2015. Construct the balance sheet. Helen's Piano Shop Inventory $27,300 Prepaid rent $930 Long-term liabilities $86,450 Retained earnings $6,750 Accounts receivable $500 Accounts payable $27,300 Accrued expenses $600 Property and Equipment $85,000 $21,070 Accumulated depreciation See note below Common stock $5,200 Cash Note: Helen's Property and Equipment (which is valued at $85,000) has a 10-year life and was purchased on December 31, 2014. Income Statement Balance Sheet Exercise 1: Helen's Piano Shop Below you will find the items for the balance sheet for Helen's Piano Shop for the period ended December 31, 2015. Construct the balance sheet. Helen's Piano Shop Inventory $27,300 Prepaid rent $930 Long-term liabilities $86,450 Retained earnings $6,750 Accounts receivable $500 Accounts payable $27,300 Accrued expenses $600 Property and Equipment $85,000 $21,070 Accumulated depreciation See note below Common stock $5,200 Cash Note: Helen's Property and Equipment (which is valued at $85,000) has a 10-year life and was purchased on December 31, 2014. Income Statement