Balance Sheet Problem:

Comet Inc. reported the following assets, liabilities, and stockholders' equity accounts for the year ended December 31, 2020:

Wages payable $ 70,000

Prepaid insurance 25,000

Accounts receivable 88,000

Common stock 625,000

Cash 55,000

Inventory 82,000

Buildings 750,000

Accounts payable 130,000

Long-term notes payable 250,000

Paid-in capital in excess of par value 25,000

Accumulated depreciation, building 50,000

Land 550,000

Retained earnings 400,000

Required: Prepare a classified balance sheet in good form.