Exercise 8-23 (Algo) Preparing a balance sheet LO P1, P3, P4 Selected accounts from Gregor Company'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. Common stock Retained earnings Patents Cash Land Equipment Silver mine $ 10,000 Accounts payable 51,000 Accumulated depreciation-Equipment 6, 200 Notes payable (due in 9 years) 7,100 Goodwill 41,000 Accumulated depletion-Silver mine 31,000 Accumulated amortization-Patents 26,000 $ 3,100 22,900 22,000 6,100 5, 200 3,200 GREGOR COMPANY Balance Sheet December 31 Assets Current assets Plant assets Total plant assets Intangible assets Intangible assets Total intangible assets Total assets Liabilities Current liabilities Long-term liabilities Total liabilities Equity Total equity Total liabilities and equity