Problem 3-6 (Algo) Balance sheet preparation; disclosures [LO3-2, 3-3, 3-4] The ending balances of accounts at December 31, 2021, for the Vosburgh Electronics Corporation are as follows: Account Title Cash Short-term investments Accounts receivable Long-term investments Inventory Receivables from employees Prepaid expenses (for 2022) Land Building Equipment Patent (net) Franchise (net) Notes receivable Interest receivable Accumulated depreciation-building Accumulated depreciation-equipment Accounts payable Dividends payable (payable on 1/16/2022) Interest payable Income Taxes payable Deferred revenue Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals Debits Credits 85,000 200,000 141,000 44,000 224,000 49,000 25,000 289,000 1,640,000 646,000 161,000 49,000 295,000 21,000 629,000 219,000 198,000 19,000 25,000 49,000 69,000 318,000 17,000 2,036,000 290,000 3,869,000 3,869,000 Additional information: 1. The common stock represents 1.3 million shares of no par stock authorized, 590,000 shares issued and outstanding. 2. The receivables from employees are due on June 30, 2022. 3. The notes receivable are due in installments of $59,000, payable on each September 30. Interest is payable annually. 4. Short-term investments consist of securities that the company plans to sell in 2022 and $59,000 in treasury bills purchased on December 15 of the current year that mature on February 15, 2022. Long-term investments consist of securities that the company does not plan to sell in the next year. 5. Deferred revenue represents payments from customer for extended service contracts. Seventy five percent of these contracts expire in 2022, the remainder in 2023. 6. Notes payable consists of two notes, one for $109,000 due on January 15, 2023, and another for $209,000 due on June 30, 2024. Required: Prepare a classified balance sheet for Vosburgh at December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.) Current assets VOSBURGH ELECTRONICS CORPORATION Balance Sheet At December 31, 2021 Net accounts receivable Assets Current assets VOSBURGH ELECTRONICS CORPORATION Balance Sheet At December 31, 2021 Assets Net accounts receivable Total current assets Investments: Total investments Property, plant, and equipment: Net property, plant, and equipmen Intangible assets: Total intangible assets Total assets Current liabilities: Total current liabilities Long-term liabilities: Liabilities and Shareholders' Equity Total long-term liabilities Total liabilities Shareholders' equity: Total current liabilities Long-term liabilities: Total long-term liabilities Total liabilities Shareholders' equity: Total shareholders' equity Total liabilities and shareholders' equity