Prepare a classified balance sheet for Lantana Company.

a. Issued 7,500 shares of stock with a par value of $0.10 to the three owners (2,500 shares each) for $75,000 in cash. b. Purchased a short-term investment for $10,000 cash. c. Purchased 2 acres of land for $20,000, paid $5,000 in cash and signed a 2 year not for the remainder. d. Bought $900 of supplies on account. e. Sold 1/2 acre of land for $5,000. Accepted a note to receive payment in one year. f. Purchased $10,000 of equipment in cash. g. Paid $500 on account for supplies purchased in transaction (d).