Required information Use the following information for Quick Studies below. (Algo) (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 $25,500 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 $ 45,000 2,500 8,000 120,000 $ 32,000 12,500 13,000 15,000 25,500 11,000 109,500 5,500 12,000 3,500 $207,500 $207,500 QS 3-23 (Algo) Preparing a classified balance sheet LO C2 QS 3-23 (Algo) Preparing a classified balance sheet LO C2 Use the information adjusted trial balance to prepare Sierra Company's classified balance sheet as of December 31. Answer is not complete. SIERRA COMPANY Balance Sheet December 31 Assets Current assets $ 45,000 Cash Prepaid insurance 00 2.500 > Total current assets $ 47,500 Long-term investments Notes receivable > 8.000 Plant assets $ 120,000 Buildings Accumulated depreciation-Buildings 32,000 88,000 143,500 Total assets $ Current liabilities Accounts payable $ 12,500 Lana torm liabilitiae UUTILUJJUL Cash $ 45,000 Prepaid insurance 2,500 Total current assets $ 47,500 Long-term investments Notes receivable 8,000 Plant assets $ 120,000 Buildings Accumulated depreciation-Buildings 32,000 88,000 Total assets $ 143,500 Current liabilities Accounts payable $ 12,500 Long-term liabilities Notes payable 13,000 Total liabilities 25,500 Equity Common stock 15,000 Retained earnings 103,000 118,000 Total equity Total liabilities and equity $ 143,500