Exercise 8-21 Preparing a balance sheet LO P1, P3, P4 Selected accounts from Gregor Co.'s adjusted trial balance for the year ended December 31 follow. Prepare a classified balance sheet. Note: On the company's balance sheet, accumulated depreciation is subtracted from Equipment, accumulated amortization is subtracted from Patents, and accumulated depletion is subtracted from Silver mine. Total equity $54, 000 Accounts payable $ 2, 400 Patents 4, 800 Accumulated depreciation-Equipment 16 , 600 Cash 6,400 Notes payable (due in 9 years) 15, 000 Land 34,000 Goodwill 5,400 Equipment 24,000 Accumulated depletion-Silver mine 3, 800 Silver mine 19,000 Accumulated amortization-Patents 1, 800 GREGOR CO. Balance Sheet December 31 Assets Current assets Plant assets Total plant assets Intangible assets Total intangible asset Total asset Liabilities Current liabilities Long-term liabilities Total liabilities Equity Total equity Total liabilities and equity