The following is the ending balances of accounts at December 31, 2021, for the Vosburgh Electronics Corporation. Credits Account Title Cash Short-term investments Accounts receivable Long-term investments Inventory Receivables from employees Prepaid expenses (for 2022) Land Building Equipment Patent (net) Franchise (net) Notes receivable Interest receivable Accumulated depreciation building Accumulated depreciation equipment Accounts payable Dividends payable (payable on 1/16/2022) Interest payable Income Taxes payable Deferred revenue Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals Debits 75,000 190,000 131,000 39,000 219,000 44,000 20,000 284,000 1,590,000 641,000 156,000 44,000 270,000 16,000 624,000 214,000 193,000 14,000 20,000 44,000 64,000 308,000 12,000 2,016,000 210,000 3,719,000 3,719,000 Additional information: 1. The common stock represents 1.4 million shares of no par stock authorized, 540,000 shares issued and outstanding, 2. The receivables from employees are due on June 30, 2022. 3. The notes receivable are due in installments of $54,000, payable on each September 30. Interest is payable annually. 4. Short-term investments consist of securities that the company plans to sell in 2022 and $54,000 in treasury bills purchased on December 15 of the current year that mature on February 15, 2022 Long-term investments consist of securities that the company does not plan to sell in the next year. 5. Deferred revenue represents payments from customer for extended service contracts. Seventy five percent of these contracts expire in 2022, the remainder in 2023. 6. Notes payable consists of two notes, one for $104,000 due on January 15, 2023, and another for $204,000 due on June 30, 2024. Required: Prepare a classified balance sheet for Vosburgh at December 31, 2021. VOSBURGH ELECTRONICS CORPORATION Balance Sheet At December 31, 2021 Assets Current assets Cash and cash equivalents Short-term investments Accounts receivable Allowance for uncollectible accounts Net accounts receivable Receivables from employees Interest receivable Notes receivable Inventory Prepaid expenses Total current assets Investments: Long-term Investments Notes receivable Total investments Property, plant, and equipment: Land Buildings Equipment Less: Accumulated depreciation-buildings Less: Accumulated depreciation-equipment Net property, plant, and equipment Intangible assets: Patent(net) Franchise (net) Total intangible assets Total assets Liabilities and Shareholders' Equity Current liabilities: Accounts payable Dividends payable Interest payable Income taxes payable Deferred revenue Total current liabilities Long-term liabilities: Notes payable Deferred revenue Total long-term liabilities Total liabilities Shareholders' equity: Common stock Retained earnings Total shareholders' equity Total liabilities and shareholders' equity