P8-5C. Maggie Good, a junior accountant, has the December 31, 2021, trial balance of Lawrence Company sitting on her desk. Attached is a memo from her supervisor requesting that a classified balance sheet be prepared. Maggie gathers the following data: a. A physical inventory at December 31 showed $70,000 on hand. b. The cost of office supplies on hand was $600. c. Insurance unexpired was $750. d. Depreciation (straight-line) is based on a 25-year life. Using the following trial balance of Lawrence Co., assist Maggie with this project. Hint: Ending figure for capital is $105,850. LAWRENCE COMPANY TRIAL BALANCE DECEMBER 31, 2021 Cash Account Titles and Description Accounts Receivable Inventory Prepaid Insurance Dr. Cr. 11 000 00 38 000 00 80 000 00 2000 00 Office Supplies Land Building Accumulated Depreciation, Building Notes Payable Accounts Payable S. Lawrence, Capital S. Lawrence, Withdrawals Retail Sales Sales Returns and Allowances Sales Discounts Cost of Goods Sold Advertising Expense Wage Expense Utilities Expense 100000 1750000 50 000 00 1000000 4000000 3000000 98 40000 1300000 32900 00 2100000 8000 00 204 900 00 2500 00 55 000 00 3500 00 507 4 00 00 507 400 00 Preparing a classified balance sheet (60 min) Check Figure Total Assets $175,850