Exercise 2-5 These items are taken from the financial statements of Donavan Co. at December 31, 2014.

Buildings $91,094

Accounts receivable 10,849

Prepaid insurance 2,755

Cash 10,194

Equipment 70,946

Land 52,693

Insurance expense 672

Depreciation expense 4,563

Interest expense 2,239

Common stock 51,660

Retained earnings (January 1, 2014) 34,438 Accumulated depreciationbuildings 39,262 Accounts payable 8,180 Notes payable 80,590 Accumulated depreciationequipment 16,118 Interest payable 3,100 Service revenue 12,657 Prepare a classified balance sheet. Assume that $11,710 of the note payable will be paid in 2015.