Chapter 3 Excel Simulation i Saved Preparing a classified balance sheet . exoal FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Sign In 2 Callibn 11 Paste B Alignment Number Conditional Format as Cell Cells Formatting = Table " Styles Clipboard Font F Styles 5 points Al X The following transactions occurred for Lantana Company during its first month A DEF G H The following transactions occurred for Lantana Company during its first month of operations Book and have been recorded in the T-accounts below. L. Received $50,000 cash from owners in exchange for common stock. 5 Print 1. Purchased land for $20,000, paid $5,000 in cash and signed a 2-year note for the remainder. 6 :. Bought $900 of supplies on account. 7 I. Purchased $10,000 of equipment, paying cash. 8 References :. Paid $500 on account for supplies purchased in transaction ( c ).10 Cash Supplies 11 50.000 5.000 b. C. 900 12 10.000 d. 13 500 14 bal 34.500 bal 900 15 16 Land Equipment 17 b. 20.000 d. 10.000 19 bal 20 000 bal 10 000 21 Accounts Payable Note Payable 21 0. 900 C. 15.000 b. 24 400 bal 15 010 bal. 25 26 Common Stock 27 50,000 28 20 50.000 bal.31 Required: 32 Using the T-account BALANCES and the information in the transactions, 33 prepare a classified balance sheet for Lantana Company. 34 Note: Use cell references to the T-account titles to complete columns B and G. Use cell references to the 35 T-account balances and formulas to complete columns C and H. List long-term assets in alphabetical order. 3637 LANTANA COMPANY 38 Balance Sheet At December 31, 2016 Assets Liabilities and Stockholders' Equity 41 Current Assets Current Liabilities 47 43 44 Total Current Assets Total Current Liabilities 45 46 Long-term Assets Long-term Liabilities AT 49 Total Long-term Assets Total Long-term Liabilities Total Liabilities 51 57 Stockholders' Equity Retained Earnings 55 Total Stockholders' Equity Total Liabilities 57 Total Assets and Stockholders Equity