The following is the ending balances of accounts at June 30, 2018 for Excell Company.Account Title Debits CreditsCash $ 83,000Short-term investments 65,000Accounts receivable 280,000Prepaid expenses (for the next 12 months) 32,000Land 75,000Buildings 320,000Accumulated depreciation—buildings $ 160,000Equipment 265,000Accumulated depreciation—equipment 120,000Accounts payable 173,000Accrued expenses 45,000Notes payable 100,000Mortgage payable 250,000Common stock 100,000Retained earnings 172,000Totals $1,120,000 $1,120,000Additional Information:1. The short-term investments account includes $18,000 in U.S. treasury bills purchased in May. The billsmature in July.2. The accounts receivable account consists of the following:a. Amounts owed by customers $225,000 b. Allowance for uncollectible accounts—trade customers (15,000)c. Nontrade note receivable (due in three years) 65,000 d. Interest receivable on note (due in four months) 5,000Total $280,0003. The notes payable account consists of two notes of $50,000 each. One note is due on September 30, 2018, andthe other is due on November 30, 2019.4. The mortgage payable is payable in semiannual installments of $5,000 each plus interest. The next payment isdue on October 31, 2018. Interest has been properly accrued and is included in accrued expenses.5. Five hundred thousand shares of no par common stock are authorized, of which 200,000 shares have beenissued and are outstanding.6. The land account includes $50,000 representing the cost of the land on which the company’s office buildingresides. The remaining $25,000 is the cost of land that the company is holding for investment purposes.Required:Prepare a classified balance sheet for the Excell Company at June 30, 2018.