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Preparation of Balance Sheet Dooley Company s December 3 1 post - closing trial balance contains the following normal balances: Cash $ 1 2 ,

Preparation of Balance Sheet
Dooley Companys December 31 post-closing trial balance contains the following normal balances:
Cash $12,600
Accounts payable 25,200
Building 615,300
Long-term notes payable 1,099,000
Common stock 1,260,000
Retained earnings 98,000
Accumulated depreciation-Equipment 252,000
Land 1,161,300
Accounts receivable 31,500
Accumulated depreciation-Building 189,000
Wages payable 8,400
Patent (net of amortization)168,000
Notes payable (short term)183,400
Inventory 288,400
Equipment 840,000
Allowance for doubtful accounts 2,100
Required
Prepare a December 31 classified balance sheet for Dooley Company.
Do not use negative signs with any of your answers.

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