CHAPTER 3. Balance Sheet 133 Common stock, no par value, 10,000 shares authorized, 5,724 shares issued Retained earnings $ 3,180 129,950 Deferred income tax liability (long term) 24,000 Long-term debt 99,870 Accounts payable 35,000 Buildings 75,000 Machinery and equipment 300,000 Land 11,000 Accumulated depreciation 200,000 Cash 3,000 Receivables, less allowance of $3,000 58,000 Accrued income taxes 3,000 Inventory 54,000 Other accrued expenses 8,000 Current portion of long-term debt 7,000 Prepaid expenses 2,000 Other assets (long term) 7,000 Required Prepare a classified balance sheet in report form. For assets, use the classifications of current assets, plant and equipment, and other assets. For liabilities, use the classifications of current liabilities and long-term liabilities