Preparing a Classified Balance Sheet The ledger of Bama Inc. had the following account balances on December 31, 2020. Accounts payable $19,920 Office equipment $5,700 Accounts receivable Accrued expenses (Credit) Bonds payable, 8% Common stock ($100 par) Cash 5,700 Raw materials inventory 5,760 480 Allowance for bad debts 300 15,000 Accumulated depreciation 5,400 42,000 Rent expense paid in advance on a short-term lease 1,800 6,000 Sinking fund to retire long-term debt 4,200 Retained earnings (to be computed) Plant equipment ? Land held for future plant site 18,720 Note receivable, 9%, due 2022 8,400 4,049 Finished goods inventory Investments 7,860 Work in process inventory 7,800 13,980 *Of the balance in the investments account, $2,400 will be converted to cash in the coming year; the remainder is a long-term investment. Required Prepare a classified balance sheet for Bama Inc. on December 31, 2020. Do not use negative signs with any of your answers. List investments in the order of the largest dollar amount to the smallest dollar amount. Balance Sheet As of December 31, 2020 Assets Required Prepare a classified balance sheet for Bama Inc. on December 31, 2020. Do not use negative signs with any of your answers. List investments in the order of the largest dollar amount to the smallest dollar amount. Assets Current assets Cash Accounts receivable Balance Sheet As of December 31, 2020 Short-term investments Raw materials Work in process Investments Land held for future plant site Debt sinking fund 4 4 4 " 4 0 0 0 0 0 0 0 0 0 0 0 Investments Land held for future plant site Debt sinking fund Total investments Property, plant, and equipment Plant equipment Other assets 4 4 Liabilities and Stockholders' Equity Current liabilities Accounts payable Long-term liabilities Stockholders' equity Common stock 4 " 4 0 0 O 44 0 0 0 0 0 0 0 $ 0 0 Debt sinking fund op he Accrued expenses Bonds payable, 8% Debt sinking fund Finished goods Inventory Investments Land held for future plant site Less: Accumulated depreciation Less: Allowance for doubtful accounts Net income b Net property, plant, and equipment rr Note receivable, 9% Office equipment Prepaid rent Retained earnings Total assets ng Total current assets c Total current liabilities Total investments Common stock Debt sinking fund Bonds payable, 8% Debt sinking fund Finished goods Inventory Investments Land held for future plant site Less: Accumulated depreciation Less: Allowance for doubtful accounts Net income Net property, plant, and equipment Note receivable, 9% Office equipment Prepaid rent Retained earnings Total assets Total current assets Total current liabilities Total investments Total liabilities and stockholders' equity Total stockholders' equity Common stock