Calib - 11 NO % HA B. A Paste BIU- Cells Editing Alignment Number Conditional Format as Cell Formatting Table Styles - Styles Clipboard Font A1 fx The following transactions occurred for Lantana Company during its first month B G H 1 DEF 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 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. e. Paid $500 on account for supplies purchased in transaction (c). 6 8 9 10 Cash 50,000 Supplies 900 C. 11 a. 12 13 5,000 10,000 500 b. d. e. 14 bal 34,500 bal. 9.00 15 16 17 b. Land 20,000 d. Equipment 10,000 18 19 bal. 20.000 bal. 10,000 20 RE Clipboard Font Styles A1 V & The following transactions occurred for Lantana Company during its first month A B DEF G H 20 21 Note Payable Accounts Payable 500 900 c. C. 15,000 b. 22 e. 23 24 400 bal. 15.000 bal. Common Stock 25 26 27 28 29 30 50,000 a. 50.000 bal. 31 Required: 33 32 Using the T-account BALANCES and the information in the transactions, prepare a classified balance sheet for Lantana Company. 34 Note: Use cell references to the T-account titles to complete columns Band 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 38 39 40 LANTANA COMPANY Balance Sheet At December 31, 2016 Aceste shiline and Charlholdere Fruitu Clipboard Font A1 V x fo The following transactions occurred for Lantana Company during its first mo A B C DEF G H 36 37 38 39 40 41 Current Assets 42 43 LANTANA COMPANY Balance Sheet At December 31, 2016 Liabilities and Stockholders' Equity Current Liabilities Assets 44 Total Current Assets Total Current Liabilities 45 46 Long-term Assets Long-term Liabilities Total Long-term Assets Total Long-term Liabilities Total Liabilities 48 49 50 51 52 53 54 Stockholders' Equity 0 55 Retained Earnings Total Stockholders' Equity ITotal Liabilities 56