Problem 5-2 Presented below are a number of balance sheet items for Sheffield, Inc. for the current year, 2020. Goodwill $128,780 Accumulated Depreciation-Equipment $292,310 Payroll Taxes Payable 181,371 Inventory 243,580 Bonds payable Rent payable (short-term) 303,780 48,780 Discount on bonds payable Income taxes payable 15,310 102,142 Cash Rent payable (long-term) Common stock, $1 par value 363,780 483,780 Land 203,780 483,780 Preferred stock, $10 par value Notes receivable 449,480 153,780 Prepaid expenses Notes payable (to banks) 268,780 91,700 493,780 Equipment Debt investments (trading) Accounts payable 1,473,780 Retained earnings 124,780 Accumulated Depreciation-Buildings Buildings Income taxes receivable 101,410 270,510 Notes payable (long-term) 1,603,780 1,643,780 Prepare a classified balance sheet in good form. Common stock authorized was 400,000 shares, and preferred stock authorized was 20,000 shares. Assume that notes receivable and notes payable are short-term, unless stated otherwise. Cost and fair value of debt investments (trading) are the same. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Building and Equipment.) Prepare a classified balance sheet in good form. Common stock authorized was 400,000 shares, and preferred stock authorized was 20,000 shares. Assume that notes receivable and notes payable are short-term, unless stated otherwise. Cost and fair value of debt investments (trading) are the same. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Building and Equipment.) SHEFFIELD, INC. Balance Sheet Assets $ Liabilities and Stockholders' Equity