The following is a December 31, 2021, post-closing trial balance for the Jackson Corporation.

Required:Prepare a classified balance sheet for Jackson Corporation at December 31, 2021, by properly classifying each of the accounts.

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Account Title Debits Credits $ 40,000 Cash Accounts receivable 34,000 Inventory 75,000 Prepaid rent (for the next 8 months) Investment in equity securities (short term) Machinery Accumulated depreciation Patent (net) 16,000 10,000 145,000 $ 11,000 83,000 Accounts payable Salaries payable Income taxes payable Bonds payable (due in 10 years) 8,000 4,000 32,000 200,000 Common stock 100,000 Retained earnings 48,000 $403,000 $403,000 Totals