Lantana Company has provided you with the transactions that occurred during its first month of operations. The Controller has already recorded the transactions to the T-Accounts and has asked you to prepare the classified balance sheet based on the T-Account balances. Use the information included in the Excel Simulation and the Excel functions described below to complete the task.

A1 VXfThe following transactions occurred for Lantana Company during its first month v D E IF 1 |The following transactions occurred for Lantana Company during its first month of operations 2 and have been recorded in the T-accounts below 4 a. Received $50,000 cash from owners in exchange for common stock 5 b. Purchased land for $20,000, paid S5,000 in cash and signed a 2-year note for the remainder. 6 c. Bought $900 of supplies on account. 7 d. Purchased $10,000 of equipment, paying cash 8 e. Paid $500 on account for supplies purchased in transaction (c) 10 Cash Supplies 50,000 5,000b.c. 10,000d 12 13 14 bal 15 500 e. 34,500 Land Equipment 10,000 17 b 18 19 bal 20 21 20,000 20,000 10,000 Accounts Payable Note Payable 500 900 c. 15,000 b 23 15000 hal VX fe The following transactions occurred for Lantana Company during its first month v D E F 400 bal 15,000 bal 24 25 26 27 28 29 30 31 Required: 32 Using the T-account BALANCES and the information in the transactions, 33 prepare a classified balance sheet for Lantana Company. 34 Note: Use cell references to the T-account titles to complete columns B and G. Use cell references to the 35 T-account balances and formulas to complete columns C and H. List long-term assets in alphabetical order. Common Stock 50,000 a 50,000 bal 36 37 38 39 40 41 Current Assets 42 43 44 Total Current Assets 45 46 Long-term Assets 47 LANTANA COMPANY Balance Sheet At December 31,2016 Assets Liabilities and Stockholders' Equitv Current Liabilities Total Current Liabilities Long-term Liabilities Sheet D E F Balance Sheet At December 31,2016 38 39 40 41 Current Assets 42 43 44 Total Current Assets 45 46 Long-term Assets 47 48 49 Total Long-term Assets 50 51 52 53 54 Assets Liabilities and Stockholders' Equity Current Liabilities Total Current Liabilities Long-term Liabilities Total Long-term Liabilities Total Liabilities Stockholders' Equity Retained Earnings otal Stockholders' Equity Total Liabilities and Stockholders' Equity 56 57 Total Assets 58 59 60 61 Sheet