From the following, prepare a classified balance sheet for Bach Crawlers as of December 31, 2020. Ending merchandise inventory was $4,000 for the year. Cash Prepaid rent Prepaid insurance Office equipment (net) $ 6,000 Accounts payable. $ 1,800 1,600 Salaries payable 1,600 4,000 Note payable (long term) 8,000 5,000 P. Bach, capital* 9,200 "What the owner supplies to the business. Replaces common stock and retained earnings section. *What the owner supplies to the business. Replaces common stock and retained earnings section. BACH CRAWLERS Balance Sheet December 31, 2020 Assets Current assets: Cash $ 6,000 Merchandise inventory 4,000 Prepaid insurance 4,000 Prepaid rent 1,600 Total current assets Plant and equipment: Total assets Liabilities Current liabilities: Accounts payable Salaries payable $ 15,600 Total current liabilities Long-term liabilities: $ 1,800 1,600 $ 3,400 Total liabilities $ 3,400 Owner's Equity $ 15,600 Total liabilities and owner's equity $ 3,400