Mills Company prepared the following balance sheet at the beginning of 2016:
Balance Sheet
January 1, 2016

At the end of 2016, Mills prepared the following statement of cash flows:
Statement of Cash Flows
For Year Ended December 31, 2016

Additional information related to the statement of cash flows:
1. The long-term bonds have a face value of $6,000 and were issued on December 31, 2016.
2. The building was purchased on December 30, 2016.
3. The land was sold at its original cost.
4. The common stock which was sold totaled 300 shares and had a par value of $10 per share.
Required:
Prepare a classified balance sheet for Mills as of December 31, 2016.

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Assets Liabilities and Shareholders' Equity Cash Accounts receivable (net) Inventory Land Buildings and equipment Less: Accumulated depreciation Totdl Asses $ 1,000 3,900 4700 9,800 68,900 Accounts payable Salaries payable Total Liabilities Common stock, $10 par Additional paid in capital Retained eamings 4,000 1,100 $5,100 13,500 11,200 44,400 $74,200 574,200 TalLabiities and Shareholders Equity Operating Activities Net income $ 5,400 Adjustments for differences between income flows and cash flows from operating activities: 1,900 500 400 (1,100 1,000 Add: Depreciation expense Decrease in inventory Increase in salaries payable Less: Increase in accounts receivable (net) Decrease in accounts payable Net cash provided by operating activities 6,100 Investina Activities Payment for purchase of building Receipt from sale of land Net cash used for investing activities $(13,900) 3,000 10,900 Financing Activities Payment of dividends Receipt from issuance of bonds Receipt from issuance of common stock Net cash provided by financing activities $3,100 5,700 4,500 .100 Net increase in cash Cash, January 1, 2016 Cash, December 31, 2016 1,000 3,300