Excel SIM: Preparing a classified balance sheet. 1. Prepare a classified balance sheet from T accounts. All answers must be entered as a formula. Click OK to begin. OK Assignment Saved Help Save & D E F 1 The following transactions occurred for Lantana Company during its first month of operations 2 and have been recorded in the T-accounts below. 4 a. Received $50,000 cash from owners in exchange for common stock. 5 b. Purchased land for $20,000, paid $5,000 in cash and signed a 2-year note for the remainder. 6 c. Bought $900 of supplies on account. 7 d. Purchased $10,000 of equipment, paying cash. 8 e. Paid $500 on account for supplies purchased in transaction (c). Cash 50,000 Supplies 900 5,000 10,000 500 e. 14 bal. 34,500 200 Land 20,000 Equipment 10,000 d. 19 bal. 20.000 10,000 Note Payable 22 e. Accounts Payable 500 900 c. 15,000 b. 400 hal 15.000 hal ... Sheet1 ... [] + READY Attempt(s) 100% Hint DEF Accounts Payable 500 Note Payable 900 c. 15,000 b. 400 bal. 15,000 bal. Common Stock 50,000 a. 50,000 bal. 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. LANTANA COMPANY Balance Sheet At December 31, 2016 Liabilities and Stockholders' Equity Current Liabilities Assets 41 Current Assets 44 Total Current Assets ... Sheet1 Total Current Liabilities ... + -- + 100% READY Attempt(s)