Freud Corporation has the following account balances at May 31, 2023. Notes: Unlimited common shares are authorized and 2,900 have been issued and are currently outstanding. For preferred shares, 11,000 shares are authorized and 4,400 have been issued and are currently outstanding. Each share pays a cumulative dividend of $3 annually. The notes payable is payable over 4 years and $25,000 will be paid by May 31, 2024. Using this information, prepare a classified balance sheet as at May 31, 2023 under ASPE. Account Title Balance Accounts Payable $48,800 Accounts Receivable $41,900 Accumulated Depreciation $8,100 Cash $15,900 Common Shares $46,100 Merchandise Inventory $65,000 Notes Payable $100,000 Preferred Shares $57,100 Prepaid Rent $15,400 Property, Plant and Equipment $242,600 Retained Earnings $117,500 Unearned Revenue $3,200 Notes: Unlimited common shares are authorized and 2,900 have been issued and are currently outstanding. For preferred shares, 11,000 shares are authorized and 4,400 have been issued and are currently outstanding. Each share pays a cumulative dividend of $3 annually. The notes payable is payable over 4 years and $25,000 will be paid by May 31, 2024. Freud Corporation Balance Sheet As at May 31, 2023 Assets Current Assets Cash Answer Accounts Receivable Answer Prepaid Rent Answer Merchandise Inventory Answer Total Current Assets Answer Property, Plant and Equipment (net) Answer Total Assets Answer Liabilities Current Liabilities Accounts Payable Answer Unearned Revenue Answer Notes Payable, Current Portion Answer Total Current Liabilities Answer Long-Term Liabilities Notes Payable, Long-Term Portion Answer Total Liabilities Answer Shareholders' Equity Contributed Capital Preferred Shares, Answer authorized, Answer issued Answer Common Shares, unlimited authorized, Answer issued Answer Total Contributed Capital Answer Retained Earnings Answer Total Shareholders' Equity Answer Liabilities & Shareholders' Equity