Exercise $3-4($Static$)$ Balance sheet preparation $\backslash ([\backslash$mathrm$\{$LO$\}3-2,3-3]\backslash )$

The following is a December $31,2024,$ post$-$closing trial balance for the Jackson Corporation.

$\backslash$begin$\{$tabular$\}\{|$l$|$l$|$l$|\}$

$\backslash$hline Account Title & Debits & Credits $\backslash \backslash$

$\backslash$hline Cash & $\backslash$$ $40,000$ & $\backslash \backslash$

$\backslash$hline Accounts receivable & $34,000$ & $\backslash \backslash$

$\backslash$hline Inventory & $75,000$ & $\backslash \backslash$

$\backslash$hline Prepaid rent $($for the next $8$ months$)$ & $16,000$ & $\backslash \backslash$

$\backslash$hline Investment in equity securities $($short term$)$ & $10,000$ & $\backslash \backslash$

$\backslash$hline Machinery & $145,000$ & $\backslash \backslash$

$\backslash$hline Accumulated depreciation & & $\backslash$$ $11,000\backslash \backslash$

$\backslash$hline Patent $($net$)$ & $83,000$ & $\backslash \backslash$

$\backslash$hline Accounts payable & & $8,000\backslash \backslash$

$\backslash$hline Salaries payable & & $4,000\backslash \backslash$

$\backslash$hline Income taxes payable & & $32,000\backslash \backslash$

$\backslash$hline Bonds payable $($due in $10$ years$)$ & & $200,000\backslash \backslash$

$\backslash$hline Common stock & & $100,000\backslash \backslash$

$\backslash$hline Retained earnings & & $48,000\backslash \backslash$

$\backslash$hline Totals & $\backslash$$ $403,000$ & $\backslash$$ $403,000\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$

Required:

Prepare a classified balance sheet for Jackson Corporation at December $31,2024,$ by properly classifying each of the accounts.

Note: Amounts to be deducted should be indicated by a minus sign.