Credit Debit $ 10,700 137,000 4,700 23,500 270,000 Accounts Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Depreciation Expense Interest Expense Totals $122,000 10,700 9,700 3,700 27,000 170,000 47,000 370,000 270,000 13,500 27,000 3,700 $760,100 $760,100 B. Prepare a classified balance sheet as of December 31, Year 1. (Amounts to be deducted should be indicated by a minus sign.) Balance Sheet December 31, Year 1 Assets Liabilities Current assets: Current liabilities: Total current assets 0 Total current liabilities 0 Total liabilities 0 Long-term assets: Stockholders' Equity Total long-term assets 0 0 Total stockholders' equity 0 Total liabilities and stockholders' equity Total assets GA $