Clear Water Co. reports the following balance sheet accounts as of December 31. Buildings Accounts receivable Land Merchandise inventory Accounts payable Cash Notes payable (due in 7 years) Office supplies 0. Water, Capital Wages payable $ 75,000 4,000 31,000 11,000 7,000 12,000 70,000 5,000 56,000 5,000 Required: Prepare a classified balance sheet. Clear Water Co. Balance Sheet December 31 Assets Current assets Total current assets Plant assets Total plant assets Total assets Liabilities Current liabilities Total current liabilities Long-term liabilities Total liabilities Equity Total liabilities and equity