P2.7 Using the adjusted trial balance shown below, prepare a balance sheet in vertical report format. Identify each account using specific categories and classifications such as current assets, current liabilities, and so on. After completing the balance sheet, check off each item in the trial balance to ensure each item is shown in the balance sheet.

Accounts Debit Credit Cash $ 4,100 Credits cards receivable 7,560 Accounts receivable 1,940 Inventories 8,200 Prepaid expenses 1,900 Land 80,000 Building 712,800 Accumulated depreciation: (Building) $ 186,400 Equipment 119,080 Accumulated depreciation: (Equipment) 35,625 Furnishings 64,120 Accumulated depreciation: (Furnishings) 11,875 China and tableware 9,680 Glassware 2,420 Accounts payable 8,600 Accrued expenses payable 2,700 Income taxes payable 6,100 Current portion, mortgage payable 13,100 Mortgage payable 406,900 Capital stock 151,000 Retained earnings. _________ 1