Performance Plastics Company (PPC) has been operating for three years. The beginning account balances are:

cash - 39500

accounts receivable - 9800

inventory - 57750

supplies - 8900

Notes Receivable (due in three years) -5,700

Equipment-116,000

Buildings-209,000

Land-52,000

Accounts Payable- 52,500

Notes Payable (due in three years)-102,000

Common Stock- 150,000

Retained Earnings - 194,150

During the year, the company had the following summarized activities:

1. Purchased equipment that cost $24,350; paid $5,450 cash and signed a two-year note for the balance.
2. Issued an additional 2,700 shares of common stock for $27,000 cash.
3. Borrowed $99,000 cash from a local bank, payable June 30, in two years.
4. Purchased supplies for $6,100 cash.
5. Built an addition to the factory buildings for $68,000; paid $25,750 in cash and signed a three-year note for the balance.
6. Hired a new president to start January 1 of next year. The contract was for $95,000 for each full year worked.

Prepare a classified balance sheet at December 31`.