The following is a December 31, 2024, post-closing trial balance for Almway Corporation. Account Title Cash Investment in equity securities Debits $ 81,000 146,000 Credits Accounts receivable Inventory 78,000 218,000 Prepaid insurance (for the next 9 months) 7,000 Land 126,000 Buildings 438,000 Equipment Accumulated depreciation-buildings Accumulated depreciation-equipment Patent (net) Accounts payable Notes payable Interest payable Bonds Payable Common stock $ 118,000 128,000 78,000 28,000 111,000 184,000 38,000 258,000 354,000 Retained earnings Totals 109,000 $ $ 1,250,000 1,250,000 Additional information: 1. The investment in equity securities account includes an investment in common stock of another corporation of $48,000 which management intends to hold for at least three years. The balance of these investments is intended to be sold in the coming year. 2. The land account includes land which cost $43,000 that the company has not used and is currently listed for sale. 3. The cash account includes $33,000 restricted in a fund to pay bonds payable that mature in 2027 and $41,000 restricted in a three-month Treasury bill. 4. The notes payable account consists of the following: a. a $48,000 note due in six months. b. a $68,000 note due in six years. c. a $68,000 note due in five annual installments of $13,600 each, with the next installment due February 15, 2025. 5. The $78,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $7,000. 6. The common stock account represents 118,000 shares of no par value common stock issued and outstanding. The corporation has 600,000 shares authorized. Required: Prepare a classified balance sheet for the Almway Corporation at December 31, 2024. Note: Amounts to be deducted should be indicated by a minus sign. Prepare a classified balance sheet for the Almway Corporation at December 31, 2024. Note: Amounts to be deducted should be indicated by a minus sign. Current assets: Cash Investment in equity securities ALMWAY CORPORATION Balance Sheet At December 31, 2024 Assets $ 48,000 98,000 Accounts receivable -7,000 Allowance for uncollectible accounts 85,000 Net accounts receivable 78,000 Inventory Prepaid insurance Total current assets Investments: Investment in equity securities Land held for sale Total investments Property, plant, and equipment: Land Buildings Equipment Less: Accumulated depreciation - buildings Less: Accumulated depreciation - equipment Net property, plant, and equipment Intangible assets: Accounts payable Interest payable Other assets: 0 224,000 0 0 Total assets $ 224,000 Liabilities and Shareholders' Equity Current liabilities: Accounts payable Interest payable Liabilities and Shareholders' Equity Current liabilities: Accounts payable Interest payable Notes payable (current) Notes payable (current maturities of long-term debt) Total current liabilities Long-term liabilities: Total long-term liabilities Total liabilities Shareholders' equity: Common stock Retained earnings Total shareholders' equity Total liabilities and shareholders' equity 0 0 0 0 $ 67 0