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Question - These items are taken from the financial statements of Cullumber Company at December 31, 2022.
Buildings
$112,148
Accounts receivable
13,356
Prepaid insurance
3,392
Cash
12,550
Equipment
87,344
Land
64,872
Insurance expense
827
Depreciation expense
5,618
Interest expense
2,756
Common stock
63,600
Retained earnings (January 1, 2022)
42,400
Accumulated depreciation-buildings
48,336
Accounts payable
10,070
Notes payable
99,216
Accumulated depreciation-equipment
19,843
Interest payable
3,816
Service revenue
15,582
Required - Prepare a classified balance sheet. Assume that $14,416 of the note payable will be paid in 2023.
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