Required information [The following information applies to the questions displayed below.) Bearings & Brakes Corporation (B&B) was incorporated as a private company. The company's account following at June 30: Accounts Payable Buildings Cash Common Stock Equipment Land Notes Payable (long-term) Retained Earnings Supplies $ 56,000 520,000 92,000 190,000 152,000 454,000 7,000 976,000 11,000 During the month of July, the company had the following activities: a. Issued 3,100 shares of common stock for $310,000 cash. b. Borrowed $70,000 cash from a local bank, payable in four years. c. Bought a building for $170,000; paid $68,000 in cash and signed a three-year note for the balance d. Paid cash for equipment that cost $92,000. e. Purchased supplies for $92,000 on account. 5. Prepare a classified balance sheet at July 31. BEARINGS & BRAKES CORPORATION Balance Sheet For the Month Ended July 31 Assets Liabilities Current Assets Current Liabilities Cash Accounts Payable 0 Total Current Liabilities 0 Supplies Total Current Assets Equipment Buildings Land Notes Payable (long-term) 0 Stockholders' Equity Common Stock 0 $ 0 $ 0