Exercise 3-4 (Algo) Balance sheet preparation (LO3-2, 3-3] The following is a December 31, 2021, post-closing trial balance for the Jackson Corporation. Debits $ 49,000 43,000 84,000 25,000 19,000 190.000 $ 20,000 Accountitle CARD Accounts receivable Inventory Prepaid rent (for the next 8 months) Investment in equity securities (short term) Machinery Accumulated depreciation Patent (net) Accounts payable Salaries payable Income taxes payable Bonds payable (due in 10 years Common stock Retained earnings Totals 88,000 12,500 8,500 41,000 230,000 120,000 66,000 $ 498,000 $ 498,000 Required: Prepare a classified balance sheet for Jackson Corporation at December 31, 2021, by properly classifying each of the accounts. (Amounts to be deducted should be indicated by a minus sign JACKSON CORPORATION Balance Sheet At December 31, 2021 Assets Current assets: Cash Investment in equity securities Accounts receivable Inventory Prepaid rent 49.000 19.000 43,000 84.000 25,000 220.000 Total current assets Property, plant, and equipment: Machinery Accumulated depreciation Net property, plant, and equipment Intangible assets: Patent (neti 190.000 20.000 210.000