Correcting the Presentation of a Classified Balance Sheet The following draft of a balance sheet was prepared for Roslyn Corp., but includes a number of errors in classification, presentation, and computation. Roslyn Corp Balance Sheet December 31, 2020 Cash $240,000 Building 1,130,000 Equipment 220,000 Accounts receivable 482,000 Investments, short-term 280,000 Inventory 650,000 Prepaid rent 10,000 Investments, long-term 280,000 Franchise 80,000 Total assets $3,372,000 Liabilities Accounts payable $400,000 Note payable 354,000 Dividends payable 20,000 Deferred revenue 6,000 Accumulated depreciation Bonds payable 400,000 Total 1,340,000 Stockholders' equity Common stock 950,000 Retained earnings 1,110,000 Accumulated other comprehensive income (28,000) Total stockholders' equity 2,032,000 Total liabilities and stockholders' equity $3,372,000 160,000 Additional information o Note payable includes interest due of $4,000. The note is due in two years and interest is due in 6 months. o Net accounts receivable of $482,000 consists of accounts receivable of $514,000 minus an allowance for doubtful accounts of $32,000. o Common stock includes $350,000 attributed to additional paid-in capital. o Included in the cash balance is $40,000 of cash restricted for 9 months due to a debt covenant. Required Prepare a corrected classified balance sheet for Roslyn Corp. on December 31, 2020. Do not use negative signs with any of your answers. List current liabilities and long-term 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 $ 0 0 Accounts receivable $ 0 0 0 0 Accounts receivable, net Short-term investments Inventory Prepaid rent 0 0 . 0 Investments 0 Property, plant, and equipment 0 Equipment 0 Short-term investments Inventory Prepaid rent oooo Investments o Property, plant, and equipment Equipment ooo 0 Intangible assets . 0 $ 0 Liabilities and Stockholders' Equity Current liabilities $ 0 > 0 0 0 0 Long-term liabilities 0 0 0 Stockholders' equity Common stock Paid-in capital in excess of par 0 0 0 28,000 0 $ 0