End 0 Shift Chapter 2: A Further Look at Financial Statements E2-5: These items are taken from the financial statements of Longhorn Co. at December 31, 2017 PpE Buildings CA Accounts receivable C A Prepaid insurance C A- cash PPE Equipment PPE Land $105,800 12,600 3,200 11,840 82,400 61,200 780 5,300 2,600 60,000 Retained earnings (January 1, 2017) 40,000 Accumulated depreciation-buildings 45,600 9,500 93,600 Insurance expense Depreciation expense Interest expense SE Common stock PPE CL Accounts payable CLILTL Notes payable PP Accumulated depreciation-equipment Interest payable Service revenue 18,720 3,600 14,700 Instructions Prepare a classified balance sheet. Assume that $13,600 of the note payable will be paid in 2018