Question 1 --/1 Suppose the following items were taken from the 2017 financial statements of Sheffield Corp.. (All dollars are in millions.) Common stock $ 3,250 Accumulated depreciationequipment $ 3,630 Prepaid rent 175 Accounts payable 1,580 Equipment 7,040 Patents 2,050 Stock investments (long-term) 660 Notes payable (long-term) 930 Debt investments (short-term) 1,910 Retained earnings 7,015 Income taxes payable 150 Accounts receivable 1,940 Cash 1,490 Inventory 1,290 Prepare a classified balance sheet in good form as of December 31, 2017. (List current assets in order of liquidity.) Sheffield Corp. Balance Sheet choose the accounting periodchoose the accounting period (in millions) Assets select an opening name for subsection oneselect an opening name for subsection one enter a balance sheet item $ enter a dollar amount enter a balance sheet item enter a dollar amount enter a balance sheet item enter a dollar amount enter a balance sheet item enter a dollar amount enter a balance sheet item enter a dollar amount select a closing name for subsection oneselect a closing name for subsection one $ enter a total amount for subsection one select an opening name for subsection twoselect an opening name for subsection two enter a balance sheet item enter a dollar amount select an opening name for subsection threeselect an opening name for subsection three enter a balance sheet item enter a dollar amount select between addition and deductionselect between addition and deduction: enter a balance sheet item enter a dollar amount enter a subtotal of the two previous amounts select an opening name for subsection fourselect an opening name for subsection four enter a balance sheet item enter a dollar amount select a closing section name for this part of the balance sheetselect a closing section name for this part of the balance sheet $ enter a total amount for this part of the balance sheet Liabilities and Stockholders' Equity select an opening name for subsection oneselect an opening name for subsection one enter a balance sheet item $ enter a dollar amount enter a balance sheet item enter a dollar amount select a closing name for subsection oneselect a closing name for subsection one $ enter a total amount for subsection one of the second part of the balance sheet select an opening name for subsection twoselect an opening name for subsection two enter a balance sheet item enter a dollar amount select a closing name for section oneselect a closing name for section one enter a total amount for this section of the balance sheet select an opening name for section twoselect an opening name for section two enter a balance sheet item enter a dollar amount enter a balance sheet item enter a dollar amount select a closing name for section twoselect a closing name for section two enter a total of the two previous amounts select a closing name for this part of the balance sheetselect a closing name for this part of the balance sheet $ enter a total amount for this part of the balance sheet