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For each of the situations stated below, please provide the amounts and balance sheet account classifications for the year ended December 31, 2024. Each situation
For each of the situations stated below, please provide the amounts and balance sheet account classifications for the year ended December 31, 2024. Each situation can be classified in more than one balance sheet category (Classify the correct amount, the account title and the category classification for each). Example: Cash of $150,000 includes restricted cash for a bond sinking fund of $40,000 (the bond matures in 2029) 1. Four hundred thousand shares of $1 par value common stock are authorized, of which 100,000 shares have been issued at an average issue price of $3.50. 1. Prepaid rent of $90,000, covers the period January 1, 2025, through December 31, 2026 1. The company has investment in equity securities of other corporations, $80,000. The company intends to sell 40% of the securities in 2025. 1. The notes payable account consists of a $50,000 note due in six months and a $400,000 note due in five annual installments of $80,000 each, with the first payment due in July of 2025. 1. The deferred (unearned) revenue account balance is $50,000. 70% of the deferred revenue is expected to be recognized in 2025. 1. The $150,000 balance in the land account consists of $60,000 for the cost of land where the plant and office buildings are located. The remaining $90,000 represents the cost of land being held for speculation wlo Account Title Category Classification Category Classification Amount Bond sinking
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