Chapter 6, Problem 6.5E

Prepare Balance Sheet. Blackburn Building Products Company provided the following information for the current year ended December 31.

Account	Debit	Credit
Cash	$ 645,235
Notes payable, due in 5 years		$ 190,900
Retained earnings		857,735
Obligations under capital leases (noncurrent)		575,000
Obligations under pension plans		301,250
Deferred tax liability (noncurrent)		35,500
Accumulated other comprehensive loss	356,700
Current portion of long-term debt		356,800
Property, plant, and equipment - net	2,745,600
Investments in affiliate companies (noncurrent)	567,500
Accounts receivable	450,000
Bonds payable, due in 10 years		1,890,750
Investments at fair value (trading)	235,000
Accounts payable		500,000
Additional paid-in capital		710,300
Dividends payable		55,000
Equipment under capital lease	1,511,750
Intangible assets – net	205,700
Merchandise inventory	665.750
Income taxes payable		40,000
Common stock, $1 par value		1,870,000
Totals	$7,383,235	$7,383,235

Required

1. a. Prepare the current-year classified balance sheet using the report format.
2. b. Prepare the current-year classified balance sheet using the account format.