The following is the ending balances of accounts at December 31, 2021. for the Welsmuller Publishing Company Credits Debits $ 85,eee 18e,eee 295, eee 168,eee 340,000 $ 120,000 160,000 Account Title Cash Accounts receivable Inventory Prepaid expenses Equipment Accumulated depreciation Investments Accounts payable Interest payable Deferred Irevenue Income taxes payable Notes payable Allowance for uncollectible accounts Retained earnings 70,000 30,000 90, eee 48, see 250, eee 26,000 410, eee 192, eee $1,228,eee Common stock Totals $1,228,000 Additional information: 1. Prepaid expenses include $140,000 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 $40,000 in Treasury bills purchased on November 30, 2021. The bills mature on January 30, 2022. The remaining $120,000 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 1. Prepaid expenses include $140,000 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 $40,000 in Treasury bills purchased on November 30, 2021. The bills mature on January 30, 2022. The remaining $120,000 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 $50,000 note due in six months b. a $131,000 note due in six years. ca $69.000 note due in three annual installments of $23,000 each, with the next installment due August 31, 2022 5. The common stock account represents 410,000 shares of no par value common stock issued and outstanding. The corporation has 820,000 spares authorized Required: Prepare a classified balanced sheet for the Weismuller Publishing Company at December 31, 2021 (Amounts to be deducted should be indicated by a minus sign.) Answer is not complete. WEISMULLER PUBLISHING COMPANY Balance Sheet At December 31, 2021 Assets Current assets $ 125,000 Cash and cash equivalents Investment in equity securities 120,000 Answer is not complete. WEISMULLER PUBLISHING COMPANY Balance Sheet At December 31, 2021 Assets Current assets: Cash and cash equivalents Investment in equity securities Accounts redivable $ 125,000 120,000 180,000 Net accounts receivable 180,000 Inventory Prepaid expenses 295,000 98,000 818,000 Total current assets Property, plant, and equipment: Equipment Accumulated depreciation Net property, plant, and equipment Other assets: 340,000 (120,000) 220,000 Prepaid expenses 70,000 Prepaid expenses 70.000 Total assets $ 1,108,000 Liabilities and Shareholders' Equity Current liabilities: IS 70,000 30,000 Accounts payable Interest payable Deferred revenue Income taxes payable Notes payable (current) Notes payable (current maturities of long-term debt) 90,000 40,000 50,000 23,000 303,000 Total current liabilities Long-term liabilities: Notes payable (long-term) 177,000 480,000 Total liabilities Shareholders' equity Common stock S 410,000 Retained earnings 192,000 Total shareholders' equity Total liabilities and shareholders' equity 602,000 $ 1.082,000