Required information Exercise 9-21 Complete the accounting cycle using long-term liability transactions (LO9-2, 9-8) [The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances: Accounts Cash Accounts Receivable Inventory Land Buildings Allowance for Uncollectible Accounts Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Totals Debit $ 12,300 36.200 153,100 Credit 78,300 131,000 $ 2,900 10,700 29,800 211,000 156,500 $410,900 $410,900 Totals $410,900 $410,900 During January 2021, the following transactions occur: January Borrow $111,000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments of $2,146 are required at the end of each month for 60 months. 1 January Receive $32,100 from customers on accounts receivable. 4 January 10 Pay cash on accounts payable, $22,000. January Pay cash for salaries, $30,000. 15 January 30 January 31 Firework sales for the month total $200,800. Sales include $66,100 for cash and $134,700 on account. The cost of the units sold is $118,000. Pay the first monthly installment of $2,146 related to the $111,000 borrowed on January 1. Round your interest calculation to the nearest dollar. 3. Prepare an adjusted trial balance as of January 31, 2021. Freedom Fireworks Adjusted Trial Balance January 31, 2021 Accounts Debit Credit Exercise 9-21 Part 5 5. Prepare a classified balance sheet as of January 31, 2021. (Hint: The carrying value of notes payable on January 31, 2021 is $109,409; $19,723 is reported as notes payable in the current liabilities section and $89,686 is reported as notes payable in the lon term liabilities section ($19,723 + $89,686 = $109,409). (Amounts to be deducted should be indicated with a minus sign.) Freedom Fireworks Classified Balance Sheet January 31, 2021 Assets Liabilities Assets (4,744) Total Current Assets (4,744) Total Current Liabilities Liabilities 0 Total Liabilities 0 Stockholder's Equity Total Stockholders' Equity 0 Total Assets $ (4,744) Total Liabilities and Stockholders' Equity $ 0