COM A1 X fx The following transactions occurred for Lantana Company durir H G B C 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 Lantana, the sole proprietor. 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. 8 c. Paid $500 on account for supplies purchased in transaction (c). 6 9 10 Cash 50,000 Supplies 900 c. 11 a. 12 5,000 10,000 500 b. d. 13 e. 34,500 bal 9.00 14 bal. 15 16 17 b. 18 Land 20,000 d . Equipment 10,000 19 bal 20.000 bal 10.000 20 21 22 e. 23 24 Accounts Payable 500 Note Payable 900 c. 15,000 b. 40,0 bal 15.000 bal. 25 26 27 Lantana, Capital 50,000 a. Sheet1 READY 118) Attempt(s) Prey 1 of 7 HE Nevt H G DE F A B 25 26 Lantana, Capital 27 50,000 a. 28 29 50.000 bal. 30 31 Required: 32 Using the T-account BALANCES and the information in the transactions, 33 prepare a classified balance sheet for Lantana Company. 34 Note: Use cell references to the T-account titles to complete columns B and 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 LANTANA COMPANY 38 Balance Sheet 39 At December 31, 2016 40 Assets Liabilities and Equity 41 Current Assets Current Liabilities 42 43 44 Total Current Assets Total Current Liabilities 45 46 Long-term Assets Long-term Liabilities 47 48 49 Total Long-term Assets Total Long-term Liabilities 50 Total Liabilities 51 Sheet1 READY Attempt(s) A1 X fo The following transactions occurred for Lantana Company during it I A B DEF G H 35 T-account balances and formulas to complete columns C and H. List long-term assets in alphabetical order. 36 37 LANTANA COMPANY 38 Balance Sheet 39 At December 31, 2016 40 Assets Liabilities and Equity 41 Current Assets Current Liabilities 42 43 44 Total Current Assets Total Current Liabilities 45 46 Long-term Assets Long-term Liabilities 47 48 49 Total Long-term Assets Total Long-term Liabilities 50 Total Liabilities 51 52 Owner's Equity 53 54 55 Total Owner's Equity 56 Total Assets Total Liabilities and Equity 57 58 59 60 Sheet1 + -- READY Attempt(s)