Required Use the following Information to prepare a classified balance sheet for Alpha Co. at the end of Year 1 Accounts receivable Accounts payable Cash Common stock Land Long-term notes payable Merchandise inventory Retained earnings $44,250 7,519 15,050 42,5ee 16, Bee 20,lee 38.95 36,140 Sok print rences ALPHA CO Classified Balance Sheet As of December 31 Year 1 Assets Current assets Tonsurrent assets Property, blant and elament Total Doperty and current IMC Graw paket predocx Duket #20 - Precoce 10 pat 19.00 Type here to search Current assets Total current assets Property, plant and equipment Total property, plant and equipment Total assets Liabilities and Stockholders' Equity Current liabilities Long-term liabilities Total liabilities Stockholders' equity Total stockholders equity Total abilities and stockholders equity Dan Dayle started a business by issuing an $94.000 face value note to First State Bank on January 1, Year 1. The note had an 6 percent annual rate of interest and a five-year term. Payments of $22,315 are to be made each December 31 for five years. Required a. What portion of the December 31, Year 1. payment is applied to interest expense and principal? b. What is the principal balance on January 1. Year 2? c. What portion of the December 31, Year 2. payment is applied to interest expense and principal? (Round your answers to the nearest dollar amount.) a. Interest expense Principal b. Principal balance interest expense Principal