please answer and fix where I am wrong Exercise 4-13 (Static) Preparing a classified balance sheet LO C1Use the following selected accounts and amounts with normal balances from Andrea Company's adjusted trial balance to prepare itsclassified balance sheet at December 31.Accounts payableLandCashSalaries payableS. Andrea, CapitalMachineryPrepaid insurance$ 8,000 Accounts receivable30,000 Accumulated depreciation-Machinery13,000 Notes payable (due in 7 years).1,000 Long-term investments in bonds42,000 Notes receivable (due in 4 years)20,000 Merchandise inventory2,000$ 4,00016,00029,0007,00015,0005,000 Current assetsCashAccounts receivablePrepaid insuranceMerchandise inventoryTotal current assetsLong-term investmentsLong-term investments in bondsNotes receivableTotal long-term investments assetsPlant assetsMachineryMachineryAccumulated depreciation-MachineryTotal plant assetsTotal assetsCurrent liabilitiesAccounts payableSalaries payableTotal current liabilitiesLong-term liabilitiesNotes payableTotal long-term liabilitiesTotal liabilitiesS. Andrea, CapitalANDREA CO.Balance SheetDecember 31AssetsTotal liabilities and equityLiabilitiesEquity$20,000$13,0004,0002,0005,00024,0007,00015,00022,00020,00016,00036,00082,000

Classified balance sheet refers to a statement which provides a brief summary of the company’s…

Exercise 4-13 (Static) Preparing a classified balance sheet LO C1 Use the following selected accounts and amounts with normal balances from Andrea Company's adjusted trial balance to prepare its classified balance sheet at December 31. Accounts payable Land Cash Salaries payable S. Andrea, Capital Machinery Prepaid insurance $ 8,000 Accounts receivable 30,000 Accumulated depreciation-Machinery 13,000 Notes payable (due in 7 years) 1,000 Long-term investments in bonds 42,000 Notes receivable (due in 4 years) 20,000 Merchandise inventory 2,000 $ 4,000 16,000 29,000 7,000 15,000 5,000