STEP 1: Classify the following items as they would appear on the Balance Sheet. Then record the items you classified on the Balance Sheet on the next page. For example, Land is a Fa (Fixed Asset). CA Current Asset a. b. IA - Intermediate Asset C. FA Fixed Asset d. CL - Current Liability e. IL - Intermediate Liability f. LL Long-term Liability Description Land, 2,000 acres @ $400 per acre Breeding cattle. 135 head @ $800 per head Bulls, 4 head @ $1,000 each Checking Account @ $8,000 Account payable at Bill's Feed Store @ $3,000 Cash on hand @ $1,000 Wheat on hand, 2,000 bu. @ $3.00 per bu. Hay on hand, 100 tons @ $50.00 per ton Growing wheat, 300 acres @ $20 per acre Farm mortgage payment due 9/15/22 @ $5,000 Balance on Farm Mortgage @ $605,000 Buildings & improvements @ $60,000 Feeder cattle loan (all due 10/1/22) @ $25,000 Calves (to be sold this fall), 110 head @ $300 Savings account @ $6,000 Feeder cattle (to be sold in 30 days), 90 head @ $575 Bank Note. (all due 10/1/22 @ $3,000 Pickup Truck @ $3,000 Machinery & Equipment @ $58.000 Loan on beef cows payment due 11/1/22 @ $5,000 Balance on beef cattle loan, noncurrent portion @ $55,000 U.S. Savings bond (mkt. security) @ $1,000 Real estate taxes @ $3.000 Account Receivables @ $2,000 Corporate stock @ $3,000 Calculate the Value List the Balance Sheet Classification