Problem 3-4 (Algo) Balance sheet preparation (LO3-2, 3-3) The following is the ending balances of accounts at December 31, 2021, for the Welsmuller Publishing Company Account Title Debica Credits Canh 11.000 Mecounts receivable 176,000 Inventory 295,000 Prepaid expenses 164,000 Equipment 336.000 Accumulated depreciation $ 110,000 Investments 156,000 Mccounts payable 68,000 Interest payable 20.000 Deferred revenue 80,000 Income taxes payable 38,000 Hotes payable 240.000 Allowance for uncollectible accounts 24,000 Common took 408,000 Retained earnings 194,000 Totale 51.206.000 $1.206.000 Additional Information: 1. Prepaid expenses include $136,000 peld on December 31, 2021, for a two year lease on the building that houses both the administrative offices and the manufacturing facility 2. Investments include $38,000 in Treasury bits purchased on November 30, 2021. The bills mature on January 30, 2022. The remaining $118,000 is an investment in equity securities that the company intends to sell in the next year 3. Deferred revenue represents customer prepayments for magazine subscriptions. Subscriptions are for periods of one year or less 4. The notes payable account consists of the following: yazine subscriptions. Subscriptions are for periods of one year or less. 4. The notes payable account consists of the following: a. a $48,000 note due in six months. b. a $129,000 note due in six years. c. a $63,000 note due in three annual installments of $21,000 each with the next installment due August 31, 2022 5. The common stock account represents 408,000 shares of no par value common stock issued and outstanding. The corporation has 816,000 shares authorized Required: Prepare a classified balanced sheet for the Welsmuller Publishing Company at December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.) WEISMULLER PUBLISHING COMPANY Balance Sheet At December 31, 2021 Assets Current assets: Net accounts receivable 0 Total current assets Property, plant, and equipment: 0 Net property, plant, and equipment Other assets: 0 d Total assets S 0 Liabilities and Shareholders' Equity Current liabilities: ces Total current liabilities 0 Long-term liabilities: 0 Total liabilities Shareholders' equity Total current liabilities 0 Long-term liabilities: Total liabilities Shareholders' equity: 0 Total shareholders' equity Total liabilities and shareholders' equity 0