Problem: Module 3 Textbook Problem 8 Learning Objective: 3-8 Distinguish between current and noncurrent assets and liabilities on a classified balance sheet Required Use the following information to prepare a classified balance sheet for Alpha Co. at the end of Year 1 Accounts receivable Accounts payable $42,180 6,510 Cash 13,790 Common stock 44,500 Land 17,000 Long-term notes payable 21,450 Merchandise inventory 31,500 Retained earnings 32,010 Assets Current assets ALPHA CO. Classified Balance Sheet As of December 31, Year 1 Total current assets Property, plant and equipment Total property, plant and equipment Total assets Liabilities and Stockholders' Equity Current liabilities Long-term liabilities Total liabilities Stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity $ 0 0 $ 0 0 0 $ 0