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E2-5 These items are taken from the financial statements of Longhom Co, at December 31, 2017 $105,800 12,600 Buildings Accounts receivable Prepaid insurance Cash 3,200 11,840 Equipment 82,400 Land 61,200 780 Insurance expense Depreciation expense Interest expense Common stock Retained camnings (January 1, 2017) Accumulated depreciation buildings Accounts payable Notes payable Accumulated depreciation equipment Interest payable Service revenue Instructions Prepare a classified balance sheet. Assume that $13.600 of the note payable will be paid in 2018 5,300 2,600 60,000 40,000 45,600 9,500 93,600 18,720 3,600 14,700 EXERCISE 2-5 Prepare a Classified Balance Sheet Note: you must calculate ending retained earnings 1st, calculate Net Income: 2nd, calculate Ending Retained Earnings: Longhorn Company BALANCE SHEET Complete the date line