Seved Problem 3-4 (Algo) Balance sheet preparation [LO3-2, 3-3] The following is the ending balances of accounts at December 31, 2021, for the Weismuller Publishing Company. Account Title Cash Accounts receivable Inventory Prepaid expenses Equipment Accumulated depreciation Investments Accounts payable Interest payable Deferred revenue Income taxes payable Notes payable- Allowance for uncollectible accounts Common stock Retained earnings Totals: Additional information: $ Debits 67,000 Credits 162,000 286,000 150,000 322,000 $ 111,000 142,000 61,000 21,000 81,000 31,000 205,000 17,000 401,000 201,000 $1,129,000 $1,129,000 1. Prepaid expenses include $122,000 paid on December 31, 2021, for a two-year lease on the building that houses both the administrative offices and the manufacturing facility. 2. Investments include $31,000 in Treasury bills purchased on November 30, 2021. The bills mature on January 30, 2022. The remaining $111,000 is an investment in equity securities that the company Intends to sell in the next year. 3. Deferred revenue represents customer prepayments for magazine subscriptions. Subscriptions are for periods of one year or less. 4. The notes payable account consists of the following: a. a $41,000 note due in six months. b. a $101,000 note due in six years. c. a $63,000 note due in three annual installments of $21,000 each, with the next installment due August 31, 2022 Prou 4. The notes payable account consists of the following: a. a $41,000 note due in six months. b. a $101,000 note due in six years. c. a $63,000 note due in three annual installments of $21,000 each, with the next installment due August 31, 2022. 5. The common stock account represents 401,000 shares of no par value common stock issued and outstanding. The corporation has 802,000 shares authorized. Required: Prepare a classified balanced sheet for the Welsmuller Publishing Company at December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.) WEISMULLER PUBLISHING COMPANY Balance Sheet At December 31, 2021 Assets Current assets Net accounts receivable Total current assets Property, plant, and equipment