H 4 (Chapter 3) 0 Saved B DEF G 1 The following transactions occurred for Lantana Company during its first month of operations 2 and have been recorded in the T-accounts below. 3 4 a. Received $50,000 cash from owners in exchange for common stock. 5 b. Purchased land for $20,000, paid $5,000 in cash and signed a 2-year note for the remainder. 6 c. Bought $900 of supplies on account. 7 d. Purchased $10,000 of equipment, paying cash. 8 e. Paid $500 on account for supplies purchased in transaction (c). 9 10 Cash Supplies 11 a 50,000 5,000 b. 900 12 10.000 d. 13 500 e. 14 bal. 34.500 bal. 900 15 16 Land 20.000 Equipment 10,000 17 b d. 18 19 bal. 20.000 bal. 10.000 20 21 Note Payable Accounts Payable 500 22 e. 900 c. 15,000 b. 23 Sheet1 + A1 The following transactions occurred for Lantana Company during its first month A B DE F G H 1 19 bal. 20.000 bal. 10.000 20 21 22 e. 23 Accounts Payable 500 Note Payable 900 c. 15,000 b. 24 400 bal. 15.000 bal. 25 26 Common Stock 27 50,000 28 29 50.000 bal. 30 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. 36 ect HW 4 (Chapter 3) Saved 37 38 39 40 41 Current Assets 42 43 LANTANA COMPANY Balance Sheet At December 31, 2016 Liabilities and Stockholders' Equity Current Liabilities Assets Total Current Liabilities ok Long-term Liabilities Total Current Assets 45 46 Long-term Assets 47 48 49 Total Long-term Assets 50 51 52 ences Total Long-term Liabilities Total Liabilities Stockholders' Equity 53 54 55 56 Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 57 Total Assets 58 59 60 Sheet1