Recent balance sheets are provided for Twitter, Inc., a global platform for real-time public self-expression and conversation. Dec. 31, 2016 $ 988,598 2,785,981 650, 650 226,967 4,652, 196 783,901 1,280, 649 153,619 $ 6,870,365 TWITTER, INC. CONSOLIDATED BALANCE SHEETS (In thousands, unless otherwise specified) Dec. 31, 2017 ASSETS Current assets: Cash and cash equivalents $ 1,638, 413 Short-term investments 2,764,689 Accounts receivable 664, 268 Prepaid expenses and other current assets 254,514 Total current assets 5,321,884 Property and equipment, net 773,715 Intangible assets 1,238,589 Other noncurrent assets 78,289 Total assets $ 7,412,477 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable 170,969 Accrued and other current liabilities 327,333 Capital leases, short-term 84,976 Total current liabilities 583,278 Notes payable 1,627,460 Capital leases, long-term 81,308 Other long-term liabilities 73,213 Total liabilities 2,365,259 Stockholders' equity: Common stock ($0.000005 par value) 4 Additional paid-in capital 7,750,522 Accumulated deficit (2, 703,308) Total stockholders' equity 5,047,218 Total liabilities and stockholders' equity $ 7,412,477 122,236 380,937 80, 848 584,021 1,538,967 66,837 75,605 2,265,430 4 7,224,534 (2,619,603) 4,604,935 $ 6,870,365 Required: 1. Is Twitter a corporation, sole proprietorship, or partnership? 2. Use the company's balance sheet to determine the amounts in the accounting equation (A = L + SE) at the end of the most recent year. 3. Calculate the company's current ratio on December 31, 2017, and on December 31, 2016. 4. Prepare the journal entry the company will make in 2018 when it pays its 2017 accounts payable due at year-end. 5. Does the company appear to have been profitable over its years in business? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Prepare the journal entry the company will make in 2018 when it pays its 2017 accounts payable due at year-end. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 2020 Cash