Correction of Balance Sheet You may use the attached spreadsheet to help you complete this activity, but you are not required to do so. You will find the spreadsheet by clicking on the green Excel icon in the upper left hand corner of the activity On December 31, 2019, Stevens Company's bookkeeper prepared the following balance sheet with items erroneously classified Stevens Company Balance Sheet For Year Ended December 31, 2019 Current Assets: Current Liabilities: Inventory $ 6,000 Accounts payable $ 9,900 Accounts receivable 5,900 Allowance for doubtful accounts 800 Cash 2,300 Salaries payable 1,500 3,300 2,500 Treasury stock (at cost) Long-Term Investments: Temporary investments in marketable securities Investment in held-to-maturity bonds Property, Plant, and Equipment: 3,200 Taxes payable Long-Term Liabilities: Bonds payable (due 2023) ) Unearned rent (for 3 months) Shareholders' Equity: 11,000 10,000 900 Land 8,100 24,200 Retained earnings Accumulated depreciation on buildings and equipment 800 9,200 Office supplies Buildings and equipment 35,600 Additional paid-in capital on common stock 10,400 Intangibles: Common stock, $10 par 12,000 Patents (net) 5,000 Prepaid insurance (for 6 months) 1,200 Discount on bonds payable 1,000 Total Assets $82,400 Total Credits 62,00 $82,400 Required: Next Level You determine that the account balances listed on the balance sheet are correct but, in certain cases, incorrectly classified. Prepare a properly classified balance sheet for Stevens as of December 31, 2019 Stevens Company Balance Sheet December 31, 2019 Assets Current Assets: Cash $ 2,300 Temporary Investments in marketable securities 3,200 Accounts receivable 5,900 Less: Allowance for doubtful accounts -800 5,100 Inventory 6,000 Prepaid items: Insurance 1,200 Office supplies 800 2,000 Total assets X 18,600 Long-Term Investments: Investment in held-to-maturity bonds 10,000 Property, Plant, and Equipment: Land 8,100 35,600 -9,200 26,400 Buildings and equipment Less: Accumulated depreciation Total property, plant, and equipment Intangible Assets: Retained earnings X 5,000 49,500 X Total liabilities X 68,100 Liabilities Current Liabilities: Accounts payable 9,900 Salaries payable 1,500 Taxes payable 2,500 Unearned rent -14,800 x Total current liabilities 14,800 Total current liabilities 14,800 Long-Term Liabilities: Bonds payable (due 2023) 11,000 Less: Discount on bonds payable -1,000 Total liabilities X 10,000 24,800 Shareholders' Equity Contributed Capital: Common stock, $10 par Additional paid in capital on common stock $ Less: Treasury stock (at cost) Total shareholders' equity 43,300 Total liabilities and shareholders' equity $ 68,100 Fredback