Listed below are year$-$end, $\frac{12}{31}\frac{?}{24},$ account balances $($ $ in thousands$)$ taken from the records of XYZ Corporation.

Allowance for

Allowance

Total stockholders' equity

$35,000$

Totals

$699,000$

$$1,552,000$$$1,552,000$

Prepaid expenses include $$150,000$ paid on December $31,2024,$ for three years of rent on the building that houses both the administrative offices and the manufacturing facility.

The land account includes land held for speculation which cost $$45,000.$

Investments include $$68,000$ in Treasury bills purchased on November $30,2024.$ The bills mature on January $302025.$ The remaining $$110,000$ is an investment in equity securities$.$ The company intends to sell $30\%$ of their investment in equity securities in the next year. The balance of this investment in equity securities is expected to be held for longer than one year.

$4.$ Deferred revenue reprite the next $24$ months.

$5.$ The notes payable account consists of the following:

a$.$ a $$50,000$ note due in six months.

b$.$ a $$149,000$ note due $\frac{7}{31}\frac{?}{30}.$

c$.$ a $$96,000$ note due in six annual installments of $$16,000$ each, with the first installment due August $31,2025.6.$ Total stockholders' equity includes $100,000$ shares of $$2$ par value common stock issued and outstanding. The average issue price of these shares is $$4\mathrm{.}25.$ The remaining balance in stockholders' equity after considering the paid in capital accounts is retained earnings.

Required:

Required:

Prepare a classified balance sheet for XYZ Corporation at December $31,2024.$ Complete the questions on the following page about the balance sheet.

Cash and cash equivalents

Short term investments

Total current assets

Total Long term investment section

Total Property, Plant & Equipment, net

Total intangibles section

Total other assets section

Total Current Liabilities

Total Long$-$term Liabilities

Common Stock

Paid in capital in excess of par $($APIC$)$

Retained earnings