Computing Retained Earnings and Preparing a Classified Balance Sheet The following data, in no particular order, are from the accounts of Brown Corp. as of December 31, 2020, its annual year-end All amounts are accurate, all accounts have normal balances, and total debts equal total credits Accounts payable trade Duit retirement fund long-term), Accounts recnable Income taxes payable 14.800 Deferred revenue $1,200 2.400 Cash dividends payable 3000 10,200 invertory 1000 2400 Land held for future business see 10.800 Short term investments, marketable securites Icost which approximates fair valua Bonds payable (long-termi Accumulated deprecation, equipment and 6000 Equipment and funne 42.000 30,600 Net income for 2020) 21.000 300 Dividends (cash declared (a deta 1.800 Common stock, par $1 (100,000 shane authorized 42.000 Prepaid expenses (short term 600 Cash Retained earnings, December 31, 2019 Allowance for doubtful accounts 12.000 Patent 2400 10,200 Prepaid rent dong 1,200 1200 investiment in capital stock of Zinc Products Corporation long term Premium on common stock 15600 1000 Required a Compute the year-end balance of retained earnings. 5 31,200 Required a. Compute the year-end balance of retained earnings. $ 31,200 b. Prepare a classified balance sheet as of December 31, 2020. Assets Do not use negative signs with any of your answers. List investments and current liabilities in the order of the largest dollar amount to the smallest dollar amount. Current assets Cash Accounts receivable Balance Sheet As of December 31, 2020 0 $ 0 Less: Allowance for doubtful accounts 0 0 Prepaid rent Inventory Prepaid expenses Total current assets 00000 Investments Investment in Zinc Products Corporation Patent Prepaid rent Total investments Property, plant, and equipment 0 0 0 0 0 0 Total investments Property, plant, and equipment Land held for future business site Net property, plant, and equipment Intangible assets Other assets 0 0 Total assets Liabilities and Stockholders' Equity Current liabilities Accounts payable Income taxes payable Deferred revenue Dividends payable Total current liabilities Long-term liabilities Bonds payable Stockholders' equity Common stock OOO 4 Paid-in capital in excess of par-common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity c. Compute working capital on December 31, 2020. $ 0 $ 0 0 $ 0 0 0 0 0 0 0 $ 0 Other assets Total assets Liabilities and Stockholders' Equity Current liabilities Accounts payable Accounts payable Bonds payable Common stock Debt retirement fund Long Deferred revenue Dividends payable Stoc Equipment and furniture Tota Income taxes payable Investment in Zinc Products Corporation Land held for future business site Less: Accumulated depreciation Less: Allowance for doubtful accounts Net income Patent c. Co Prepaid rent Retained earnings Short-term investments 2020