Required information (The following information applies to the questions displayed below.] The December 31, Year 1, adjusted trial balance for a company is presented below Debit $ 10,800 Credit Accounts Cash 138,000 4,800 24,000 280,000 Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in tvo years) Common Stock $123,000 10,800 9,800 3,800 28,000 180,000 48,000 Retained Earnings Service Revenue 380,000 Salaries Expense Rent Expense Depreciation Expense Interest Expense 280,000 14,000 28,000 3,800 Totals $783,400 $783,400 3. Prepare a classified balance sheet as of December 31, Year 1. (Amounts to be deducted should be indicated by a minus sign.) Prev of 3 3 Next 3. Prepare a classified balance sheet as of December 31, Year 1. (Amounts to be deducted should be indicated by a minus sign.) Balance Sheet December 31, Year 1 Assets Liabilities Current assets: Current liabilities: Cash 10,800 Accounts Payable 10,800 Prepaid Rent 4,800 138,000 24,000 Salaries Payable 9,800 Accounts Receivable Interest Payable 3,800 Supplies Deferred Revenue Total current assets 177,600 Total current liabilities 24,400 Notes Payable 28,000 Total liabilities 52,400 Long-term assets: Stockholders' Equity Equipment 280,000 Common Stock 180,000 Accumulated Depreciation (123,000) Retained Eamings 48,000 Total long-term assets 157,000 Total stockholders' equity 228,000 Total assets $ 334,600 Total Iliabilities and stockholders' equity 280,400