Computing Retained Earnings and Preparing a Classified Balance Sheet The following data, in no particular order, are from the accounts of Brown Corp. as of December 31, 2020, its annual year-end. All amounts are accurate, all accounts have normal balances, and total debits equal total credits. $12,000 Deferred revenue 6,000 Cash dividends payable 25,500 Inventory 6,000 Land held for future business site $3,000 7,500 45,000 27,000 105,000 Accounts payable (trade) Debt retirement fund (long-term) Accounts receivable Income taxes payable Short-term investments, marketable securities (cost which approximates fair value) Bonds payable (long-term) Accumulated depreciation, equipment and furniture Common stock, par $1 (200,000 shares authorized) Cash Retained earnings, December 31, 2019 15,000 Equipment and furniture 76,500 Net income for 2020 52.500 9,000 Dividends (cash) declared (a debit) 4,500 1,500 6,000 3,000 105,000 Prepaid expenses (short-term) 30,000 Patent 25,500 Prepaid rent (long-term) Investment in capital stock of Zinc Products 3,000 Corporation (long-term) Premium on common stock Allowance for doubtful accounts 39,000 7,500 Required a. Compute the year-end balance of retained earnings. b. Prepare a classified balance sheet as of December 31, 2020. Do not use negative signs with any of your answers. List investments and current liabilities in the order of the largest dollar amount to the smallest dollar amount. b. Prepare a classified balance sheet as of December 31, 2020. Do not use negative signs with any of your answers. List investments and current liabilities in the order of the largest dollar amount to the smallest dollar amount. Balance Sheet As of December 31, 2020 Assets Current assets Cash Accounts receivable $ $ Inventory Prepaid expenses Total current assets Investments . Total investments Property, plant, and equipment Net property, plant, and equipment Intangible assets Other assets Total assets $ Other assets . $ Total assets Liabilities and Stockholders' Equity Current liabilities $ Total current liabilities Long-term liabilities Stockholders' equity Paid-in capital in excess of par-common stock Total stockholders' equity Total liabilities and stockholders' equity $ C. Compute working capital on December 31, 2020. Check