The December 31, 2017, balance sheet and the 2018 statement of cash flows for Holiday Corporation follow: (Click the icon to view the December 31, 2017 balance sheet.) (Click the icon to view the 2018 statement of cash flows.) Requirement 1. Prepare the December 31, 2018, balance sheet for Holiday. Prepare the asset section of the balance sheet, then the liabilities, and finally the total liabilities and stockholders' equity. Holiday Corporation Balance Sheet December 31, 2018 Assets: Cash Accounts receivable (net) Inventory Prepaid expenses Land Machinery and equipment (net) Total Liabilities: Accounts payable Unearned revenue Dividends payable Income taxes payable Long-term debt Total liabilities Stockholders' equity: Common stock, no par Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Holiday Corporation Balance Sheet December 31, 2017 $ 14,900 Assets: Cash Accounts receivable (net) Inventory Prepaid expenses 10,800 88,700 61,000 2,500 101,000 73,400 337,400 13,100 10,000 (6,400) Land Machinery and equipment (net) $ Total assets Liabilities: Accounts payable 59,700 (7,500) 1,100 1,600 (1,200) 13,000 Unearned revenue Holiday Corporation Statement of Cash Flows Year Ended December 31, 2018 Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash provided by operating activities: Depreciation Loss on sale of equipment Gain on sale of land Change in assets and liabilities: Decrease in Accounts receivable Increase in Inventory Increase in Prepaid expenses Increase in Accounts payable Decrease in Taxes payable Increase in Unearned revenue Net cash provided by operating activities Cash flows from investing activities: Purchase of equipment Sale of equipment Sale of land Net cash provided by investing activities Cash flows from financing activities: Repayment of long-term debt Issuance of common stock Dividends paid (dividends declared, $7,000) Net cash provided by financing activities Increase (decrease) in cash Cash balance, December 31, 2017 Cash balance December 31 2018 40,500 9,000 3,000 84,000 136,500 83,400 $ Income taxes payable Long-term debt Total liabilities Stockholders' equity: Common stock, no par 98,300 (24,000) 5,000 85,200 Retained earnings 46,700 154,200 200,900 337,400 66,200 Total stockholders' equity $ Total liabilities and stockholders' equity (17,000) 33,000 (3,000) Print Done 13,000 177,500 10,800 188,300