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 Common stock Retained earnings Wages payable $ 42,500 2,700 18,000 8,400 5,700 9,400 44,000 2,400 17,000 13,000 3,700 Required: Prepare a classified balance sheet. Clear Water Co. Balance Sheet December 31 Assets Current assets Total current assets $ Plant assets Total plant assets $ $ 0 Total current assets Plant assets 0 Total plant assets Total assets $ A 0 Liabilities Current liabilities $ $ 0 Total current liabilities Long-term liabilities Total liabilities 0 Equity 0 Total equity Total liabilities and equity $