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Question - These items are taken from the financial statements of Pharoah Company at December 31, 2022.
Buildings $95,220
Accounts receivable 11,340
Prepaid insurance 2,880
Cash 10,656
Equipment 74,160
Land 55,080
Insurance expense 702
Depreciation expense 4,770
Interest expense 2,340
Common stock 54,000
Retained earnings (January 1, 2022) 36,000
Accumulated depreciation-buildings 41,040
Accounts payable 8,550
Notes payable 84,240
Accumulated depreciation-equipment 16,848
Interest payable 3,240
Service revenue 13,230
Required - Prepare a classified balance sheet. Assume that $12,240 of the note payable will be paid in 2023.
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