Preparing a Classified Balance Sheet Glacier Inc. had the following normal account balances on December 31. Account Dec 31 Cash $2,000 Accounts receivable 60,000 Inventory 2,500 Franchise 35,000 Prepaid insurance 1,200 Common stock (no-par, 10,000 shares issued and outstanding) 50,000 Accounts payable 62,000 Notes payable (long-term) 70,000 Income taxes payable 2,200 Retained earnings (post-closing balance) 45,800 Interest payable 700 Equipment, net 130,000 a. Prepare a classified balance on December 31. Balance Sheet As of December 31 Assets Current assets Liabilities and Stockholders' Equity Current liabilities b. Compute working capital on December 31. Working capital $