Required

Use the following information to prepare a classified balance sheet for Alpha Company at the end of Year $1.$

Accounts receivable

Accounts payable

Cash

Common stock

Land

Long$-$term notes payable

Merchandise inventory

Retained earnings

$$42,040$

$9,555$

$15,550$

$45,000$

$25,450$

$20,550$

$28,175$

$36,110$