Problem 3-5 (Algo) Balance sheet preparation (LO3-2, 3-3] The following is the ending balances of accounts at June 30, 2021, for Excell Company. Credits Debits $ 123,000 105,000 320,000 72,000 115,000 360,000 $ 180,000 Account Title Cash Short-term investments Accounts receivable (net) Prepaid expenses (for the next 12 months) Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation equipment Accounts payable Accrued liabilities Notes payable Mortgage payable Common stock Retained earnings Totals 285,000 140,000 193,000 65,000 140,000 330,000 300,000 32,000 $1,380,000 $1,380,000 Additional information: 1. The short-term investments account includes $38,000 in U.S. treasury bills purchased in May. The bills mature in July, 2021. 2. The accounts receivable account consists of the following: a. Amounts owed by customers b. Allowance for uncollectible accounts-trade customers c.Nontrade notes receivable (due in three years) d. Interest receivable on notes (due in four months) Total $261,000 (28,000) 85,000 2,000 $320,000 3. The notes payable account consists of two notes of $70,000 each. One note is due on September 30, 2021, and the other is due on November 30, 2022. 4. The mortgage payable is a loan payable to the bank in semiannual installments of $6,600 each plus interest. The next payment is due on October 31, 2021. Interest has been properly accrued and is included in accrued expenses. 5. Eight hundred thousand shares of no par common stock are authorized, of which 600,000 shares have been issued and are outstanding. 6. The land account includes $70,000 representing the cost of the land on which the company's office building resides. The remaining $45,000 is the cost of land that the company is holding for investment purposes. Required: Prepare a classified balance sheet for the Excell Company at June 30, 2021. (Amounts to be deducted should be indicated by a minus sign.) EXCELL COMPANY Balance Sheet At June 30, 2021 Assets Current assets: Total current assets Investments: Property, plant, and equipment: Net property, plant, and equipment Total assets Liabilities and Shareholders' Equity Current liabilities: Total current liabilities Long-term liabilities: Total long-term liabilities Total liabilities Shareholders' equity: Total shareholders' equity Total liabilities and shareholders' equity