Melody Lane Music Co. was started by John Ross early in 2024. Initial capital was acquired by issuing shares of common stock to various investors and obtaining a bank loan. The company operates a retail store that sells records, tapes and compact discs. Business was so good during the first year of operations that John is considering opening a second story on the other side of town. The funds necessary for expansion will come from a new bank loan. In order to approve the loan, the bank requires financial statements. John asks for your help in preparing the balance sheet and presents you with the following information for the year ending December 31,2024 - The bank loan was made on March 31,2024. A note was signed requiring payment of interest and principal on March 31,2025 . The interest rate is 12%, per year. - The equipment was purchased on January 3,2024 and has an estimated useful life of 10 years with no anticipated salvage value. Depreciation per year is $4,000 - Inventory is purchased on a vendor account. The inventory on hand at the end of the year cost $100,000 - Amount owed at December 2024, were as follows: - To suppliers of inventory $20,000 - To the utility company $1,000 - Rent on the store building is $1,000 per month. On December 1,2024 , the four months' rent was paid i advance - One hundred thousand shares of no-par common stock are authorized, of which 20,000 shares were issued and are outstanding repare a classified balance sheet at December 31, 2024. IN GOOD FORM (includes heading for each assification, as well as titles for each classification's subtotal.)