The following data were taken from the adjusted trial balance of the XYZ Corporation.

XYZ Corporation Adjusted Trial Balance Data December 31, 2020
Accounts Payable	$13,000
Accounts Receivable	15,000
Accumulated Depreciation-Building	8,000
Accumulated Depreciation-Furniture & Fixtures	10,000
Building	65,000
Capital Stock	40,000
Cash	25,000
Copyrights	24,000
Furniture & Fixtures	16,000
Land	25,000
Note Payable (10%, due in 5 years)	42,000
Office Supplies	3,000
Prepaid Insurance	5,000
Retained Earnings (January 1, 2020)	25,000
Salaries Payable	2,000
Service Revenue	100,000
Salaries Expense	30,000
Utilities Expense	2,000
Depreciation Expense	5,000
Insurance Expense	2,000
Office Supplies Expense	1,000
Interest Expense	5,000

Note: Dividends declared during the year was $15,000.

Required:

Prepare a classified balance sheet at December 31, 2020. (Ignore income taxes). Hint: you will have to prepare an income statement and statement of retained earnings to arrive at the ending Retained Earnings (December 31, 2020) which you will need in order to prepare the balance sheet.