The trial balance for K and J Nursery, Inc., listed the following account balances at December 31, 2021, the end of its fiscal year: cash, $16,000; accounts receivable, $11,000; inventory, $25,000; equipment (net), $80,000; accounts payable, $14,000; salaries payable, $9,000; interest payable, $1,000; notes payable (due in 18 months), $30,000; common stock, $50,000. Calculate total current assets and total current liabilities that would appear in the company's year-end balance sheet.

a. Current Assets = __________________ Current Liabilities = ________________

b. Determine the year-end balance in retained earnings for K and J Nursery, Inc.

Retained Earnings = ___________

C. Prepare a classified balance sheet for K and J Nursery, Inc. The equipment originally cost $140,000

Balance Sheet At December 31, 2021 Assets Current assets Total current assets Property, plant, and equipment: Net property, plant, and equipment Total assets Liabilities and Shareholders' Equity Current liabilities: Total current liabilities Long-term liabilities: Total liabilities Shareholders' equity Total shareholders' equity Total liabilities and shareholders' equity