Question: Please provide the correct answer to the RED BOXES. I am also on my LAST ATTEMPT. WIll thumbs up for the correct response. Thank you!



Please provide the correct answer to the RED BOXES. I am also on my LAST ATTEMPT. WIll thumbs up for the correct response. Thank you!
These items are taken from the financial statements of Sandhill Co. at December 31, 2022. Buildings $126,960 Accounts receivable 15,120 Prepaid insurance 3,840 Cash 14,208 Equipment 98,880 Land 73,440 Insurance expense 936 Depreciation expense 6,360 Interest expense 3,120 Common stock 72,000 Retained earnings (January 1, 2022) 48,000 Accumulated depreciation-buildings 54,720 Accounts payable 11,400 Interest expense 3,120 Common stock 72,000 Retained earnings (January 1, 2022) 48,000 Accumulated depreciation-buildings 54,720 Accounts payable 11,400 Notes payable 112,320 Accumulated depreciation-equipment 22,464 Interest payable 4,320 Service revenue 17,640 Prepare a classified balance sheet. Assume that $16,320 of the note payable will be paid in 2023. (List Current Assets in order of liquidity and Property, Plant and Equipment in order of Land, Buildings and Equipment.) SANDHILL CO. Balance Sheet December 31, 2022 Current Liabilities Accounts Payable Interest Payable Notes Payable Total Current Liabilities Long-Term Liabilities Notes Payable Total Liabilities Stockholders' Equity Liabilities and Stockholders' Equity $ 11.400 4,320 96,000 $ 111,720 16,320 128,040 Long-Term Liabilities Notes Payable Total Liabilities Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity eTextbook and Media 72,000 48,000 $ 16,320 128,040 127,224 255,264
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