Refer to M4- 14. Prepare a classified balance sheet at December 31. Are the Sky Blue Corporation€™s assets financed primarily by debt or equity?

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Debit Credit Cash Accounts Receivable Prepaid insurance Notes Receivable 1.230 2,000 2-300 long-term) Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Income Taxes Payable Unearned Revenue 3.000 12,000 2,800 5,420 1.000 2,900 2400 1,000 Retained Earnings Dividends Sales Revenue Rent Revenue 42,030 300 Salaries and Wages Expense Depreciation Expense 21.600 Utilities Expense4.220 Insurance Expense Rent Expense Income Tax Expense 1.400 6.000 Total $59,250 $58,250