Preparing a Classified Balance Sheet The ledger of Bama Inc. had the following account balances on December 31. *For the investments account, $6,400 will be converted to cash next year; the remainder is a long-term investment. Prepare a classified balance sheet for Bama Inc. on December 31. Note: Do not use negative signs with any of your answers. \begin{tabular}{|c|c|c|c|} \hline BalanceSheeAsofDecember & & & \\ \hline Assets & & & \\ \hline Current assets & & & \\ \hline Cash & & 16,000 & \\ \hline Prepaid rent & & 4,800 & \\ \hline Accounts receivable & & 15,200 & \\ \hline Allowance for doubtful accounts & & 800 & \\ \hline Short-term investments & & 6,400 & \\ \hline Inventory & & & \\ \hline Raw materials & & 15,360 & \\ \hline Work in process & & 37,280 & \\ \hline Finished goods & & 20,960 & \\ \hline Total current assets & & 3,200 & \\ \hline Investments & & & \\ \hline Land held for future plant site & & 22,400 & \\ \hline Investments & & 14,400 & \\ \hline Debt sinking fund & & 11,200 & \\ \hline Total investments & & 2,560 & 3 \\ \hline Property, plant, and equipment & & & \\ \hline Office equipment & & 15,200 & \\ \hline Plant equipment & & 49,920 & \\ \hline Accumulated depreciation & & 14,400 & \\ \hline Net property, plant, and equipment & & 50,720 & \\ \hline Other assets & & & \\ \hline Note receivable, 9% & & 10,798 & \\ \hline Total assets & & 0 & \\ \hline Liabilities and Stockholders' Equity & & & \\ \hline Current liabilities & & & \\ \hline Accounts payable & & 53,120 & \\ \hline Accrued expenses & & 1,280 & \\ \hline Total current liabilities & & 54,400 & \\ \hline Long-term liabilities & & & \\ \hline Bonds payable, 8% & & 40,000 & \\ \hline Stockholders' equity & & & \\ \hline Common stock & & 112,000 & \\ \hline Retained earnings & & 0 & \\ \hline Total stockholders' equity & & 0 & \\ \hline Total liabilities and stockholders' equity & & $ & \\ \hline \end{tabular} Check