Braun Company has the following ledger accounts and adjusted balances as of December 31, 2022. All accounts have normal balances. Brauns income tax rate is 20%. Braun has 300,000 shares of Common Stock authorized, 100,000 shares of Common Stock issued, and 95,000 shares of Common Stock outstanding.

Accounts Payable. 58,500

Accounts Receivable 405,000

Accumulated Depreciation-Building 112,500

Accumulated Depreciation-Equipment. 90,000

Administrative Expenses. 90,000

Allowance for Doubtful Accounts 45,000

Bonds Payable.. 400,000

Building..1,125,000

Cash. 58,500

Common Stock 600,000

Cost of Goods Sold. 855,000

Discount on Bonds Payable 10,000

Dividends 30,000

Equipment 435,000

Income from Operations of Division X.. 90,000

(Division X is a component of Braun Company)

Interest Revenue.. 60,000

Inventory...630,000

Land (held for future use).... 450,000

Land (used for building).. 247,500

Loss from Sale of Division X...........................180,000

(Division X is a component of Braun Company)

Loss on Sale of Investments.. 22,500

Mortgage Payable ... 562,500*

Paid-In Capital in Excess of Par...396,000

Prepaid Rent. 22,500**

Retained Earnings, January 1, 2022 562,500

Sales Discounts. 45,000

Sales Returns and Allowances.. 75,000

Sales Revenue...2,302,500

Selling Expenses. 292,500

Trademark 67,500

Treasury Stock. 60,000

*$40,000 of the principal comes due in 2023.

**Two years rent on offsite document storage paid in advance.

Instructions:

Use this information to prepare classified balance sheet.