The adjusted trial balance for China Tea Company at December 31, 2021, is presented below:

Debit

Cash11,800

Accounts receivable163,000

Prepaid rent6,300

Inventory38,000

Equipment430,000

CREDIT: Accumulated depreciationequipment138,000 Accounts payable43,000 Notes payabledue in three months43,000Salaries payable5,300Interest payable15,600Common stock265,000Retained earnings78,600

DEBIT: Dividends13,300

CREDIT: Sales revenue530,000

DEBIT: Costs of goods sold245,000Salaries expense133,000Rent expense28,000Depreciation expense43,000Interest expense3,300Advertising expense3,800

Totals1,118,5001,118,500

Required:

Prepare a classified balance sheet for China Tea Company as of December 31, 2021.