Problem 3-3 (Algo) Balance sheet preparation [LO3-2, 3-3] The following is a December 31, 2024, post-closing trial balance for Almway Corporation. Account Title Cash Investment in equity securities Debits $ 75,000 Credits 140,000 Accounts receivable Inventory 75,000 215,000 Prepaid insurance (for the next 9 months) 7,000 Land 120,000 Buildings 435,000 Accumulated depreciation-buildings $ 115,000 Equipment Accumulated depreciation-equipment Patent (net) Accounts payable Notes payable Interest payable Bonds Payable Common stock 125,000 75,000 25,000 105,000 175,000 35,000 255,000 345,000 Retained earnings Totals 112,000 $ $ 1,217,000 1,217,000 Additional information: 1. The investment in equity securities account includes an investment in common stock of another corporation of $45,000 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 $40,000 that the company has not used and is currently listed for sale. 3. The cash account includes $30,000 restricted in a fund to pay bonds payable that mature in 2027 and $38,000 restricted in a three-month Treasury bill. 4. The notes payable account consists of the following: a. a $45,000 note due in six months. b. a $65,000 note due in six years. c. a $65,000 note due in five annual installments of $13,000 each, with the next installment due February 15, 2025. 5. The $75,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $5,000. 6. The common stock account represents 115,000 shares of no par value common stock issued and outstanding. The corporation has 400,000 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.