Armstrong Associates provided the following balance sheet for its current year ended December 31.

The following account analyses were made during the company€™s recent year- end audit.

Required
Prepare a corrected classified balance sheet.

Armstrong Associates Balance Sheet At December 31 Assets Cash Receivables Prepaid Assets and Supplies Property, Plant, and Equipment - net Total Assets Liabilities Payables and Accrued Expenses Incorne Taxes Payable Notes Payable, due in 5 years Amount 255,000 1,390,000 722,000 2,075,000 $4,442,000 $1,040,500 316,750 $1,007000 $2,364,250 Stockholders Equity Contributed Capital Retained Earnings $1,855,000 222,750 $2,077750 $4,442,000 Total Stockholders Equity Total Liabilities and Stockholders Equity Receivables Accounts Receivable Indefinite-life Intangible Assets $ 450,000 940,000 $1,390,000 Receivables Prepaid Assets and Supplies Merchandise Inventory Prepaid Rent $ 641,000 81,000 $ 722,000 Prepaid Assets and Supplies Payables and Accrued Expenses Accounts Payable Accrued Expenses $ 519,000 521,500 $1,040,500 Payables and Accrued Expenses Contributed Capital Common Stock, $1 par value Additional Paid-in Capital $ 815,000 1,040,000 $1,855,000 Contributed Capital