These items are taken from the financial statements of Longhorn Co. at December 31, 2017.

Buildings .................................................$105,800

Accounts receivable .................................... 12,600

Prepaid insurance ....................................... 3,200

Cash ...................................................... 11,840

Equipment ............................................... 82,400

Land ...................................................... 61,200

Insurance expense ...................................... 780

Depreciation expense .................................. 5,300

Interest expense ........................................ 2,600

Common stock ......................................... 60,000

Retained earnings (January 1, 2017) ................ 40,000

Accumulated depreciation-buildings .............. 45,600

Accounts payable ...................................... 9,500

Notes payable .......................................... 93,600

Accumulated depreciation-equipment ............ 18,720

Interest payable ........................................ 3,600

Service revenue ....................................... 14,700

Instructions

Prepare a classified balance sheet. Assume that $13,600 of the note payable will be paid in 2018.