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Lockheed Martin Corporation has the following balances as of December 31, 2023: Cash: $850,000 Accounts Receivable: $1,500,000 Prepaid Insurance: $200,000 Equipment: $6,500,000 Accumulated Depreciation: $2,560,000

Lockheed Martin Corporation has the following balances as of December 31, 2023:

  • Cash: $850,000
  • Accounts Receivable: $1,500,000
  • Prepaid Insurance: $200,000
  • Equipment: $6,500,000
  • Accumulated Depreciation: $2,560,000
  • Accounts Payable: $1,600,000
  • Salaries Payable: $260,000
  • Common Stock: $2,600,000
  • Retained Earnings: $1,568,000

Prepare a classified balance sheet for Lockheed Martin Corporation as of December 31, 2023.

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