Reference no: EM132476751

The following items are taken from the financial statements of Sandhill Co. at December 31, 2022.

Land                                                            $195,900

Accounts receivable                                        21,500

Supplies                                                          9,300

Cash                                                              12,100

Equipment                                                        83,400

Buildings                                                            263,200

Land improvements                                                45,700

Notes receivable (due in 2023)                                   5,300

Accumulated depreciation-land improvements                 13,100

Common stock                                                           72,500

Retained earnings (December 31, 2022)                             505,000

Accumulated depreciation-buildings                                   34,300

Accounts payable                                                        9,600

Mortgage payable                                                        86,650

Accumulated depreciation-equipment                                18,950

Interest payable                                                           3,900

Income taxes payable                                                     15,700

Patents                                                                        47,700

Investments in stock (long-term)                                     71,100

Debt investments (short-term)                                        4,500

Question 1: Prepare a classified balance sheet. Assume that $9,800 of the mortgage payable will be paid in 2023. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings, Equipment and Land Improvements.)