Preparing a Classified Balance Sheet The ledger of Bama Inc. had the following account balances on December 31. Description Accounts payable Accounts receivable Accrued expenses (credit) Bonds payable, 8% Common stock ($100 par) Cash Retained earnings (to be computed) Plant equipment Finished goods inventory Investments* Amount $53,120 Office equipment 15,200 Raw materials inventory Description 1,280 Allowance for bad debts 40,000 Accumulated depreciation 112,000 Rent expense paid in advance on a short-term lease 16,000 Sinking fund to retire long-term debt ? Land held for future plant site 49,920 Note receivable, 9%, due in 2 years 20,960 Work in process inventory 20,800 Amount $15,200 15,360 800 14,400 4,800 11,200 22,400 10,798 37,280 *For the investments account, $6,400 will be converted to cash next year; the remainder is a long-term investment Prepare a classified balance sheet for Bama Inc. on December 31. Note: Do not use negative signs with any of your answers.