Question 7) These items are taken from the financial statements of D Smith Co, at December 31, 2020, Buildings
$105,800
Accounts receivables
12.270
Prepaid insurance
3,200
Cash
11.840
Equipment
82,400
Dividends
330
Land
61,200
Insurance expense
780
Depreciation expense
5,300
Interest expense
2,600
Common stock
60,000
Retained earnings (January 1, 2020) 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 (in color) in good form. Assume that $17,777 of the notes
payable will be paid in 2021.