The account balances taken from the general ledger for River Falls Beverages, Inc., are as follows:
Accounts Payable ................... $285,940
Accounts Receivable .................... 386,660
Accumulated Depreciation—Building ........... 72,700
Accumulated Depreciation—Equipment ........... 76,100
Allowance for Doubtful Accounts ............ 14,137
Building ........................ 270,865
Cash ........................... $ 48,890
Common Stock, $ 15 stated value ................ 322,500
Dividends Payable ..................... 14,680
Equipment .................................. 142,500
Income Tax Payable ............................... 44,680
Land ....................................................... 38,000
Merchandise Inventory ............................................... 727,882
Mortgage Payable (due in 8 years) .............................. 124,500
Notes Receivable ........................................................ 37,000
Paid-in Capital in Excess of Par Value....................................... 5,000
Paid-in Capital in Excess of Stated Value ................................. 91,640
Patents 18,400 Preferred 8 Percent Stock, $ 100 par value .. 250,000
Preferred 8 Percent Stock Subscribed (700 shares) ..... 70,000
Prepaid Insurance 2,630 Retained Earnings ........ 235,300
Retained Earnings Appropriated for Inventory Losses ...... 13,800
Retained Earnings Appropriated for Property Expansion ... 23,500
Stock Dividend Distributable (1,890 shares) ............................... 28,350
Additional information is as follows:
a. Preferred 8 percent stock: 3,000 shares authorized, 2,500 shares issued
b. Common stock: 30,000 shares authorized, 21,500 shares issued

Required
Prepare a classified balance sheet dated December 31.