Required information [The following information applies to the questions displayed below.) The following is the adjusted trial balance of Sierra Company. The Retained Earnings account balance was $5,500 on December 31 of the prior year. Account Title Cash Prepaid insurance Notes receivable (due in 5 years) Buildings Accumulated depreciation-Buildings Accounts payable Notes payable (due in 3 years) Common stock Retained earnings Dividends Consulting revenue Wages expense Depreciation expense-Buildings Insurance expense Totals Debit Credit $ 5,000 500 4,000 20,000 $ 12,000 2,500 3,000 5,000 5,500 1,000 9,500 3,500 2,000 1,500 $37,500 $37,500 Use the information adjusted trial balance to prepare Sierra Company's classified balance sheet as of December 31. SIERRA COMPANY Balance Sheet December 31 Assets Current assets Cash Prepaid insurance $ 5,000 500 $ 5,500 Total current assets Long-term investments Plant assets Buildings 0 Total assets $ 5,500 Liabilities Current liabilities Long-term liabilities Total liabilities 0 Equity Common stock 5,000 Retained earnings Total equity Total liabilities and equity 5,000 5,000 $