Preparing the Current Asset Section Prepare the current asset section of a classified balance sheet given the following account balances on December 31, 2020. Accounts receivable $157,500 Cash equivalents $3,500 Allowance for doubtful accounts 7,000 Equipment 350,000 Accounts payable 175,000 Inventory 175,000 Cash 49,000 Prepaid insurance 3,500 Note: Combine cash and cash equivalents into one line item. Current Asset Section As of December 31, 2020 Cash and cash equivalents Accounts receivable, net of allowance $ 175,000 Total current assets $ Note: Combine cash and cash equivalents into one line item. Current Asset Section As of December 31, 2020 Cash and cash equivalents Accounts receivable, net of allowance $ 175,000 Accounts payable Allowance for doubtful accounts Equipment Inventory Prepaid insurance S $ Preparing the Investment Section Prepare the investment section of a classified balance sheet given the following account balances on December 31, 2020. Bond sinking fund $60,000 Debt investments (expected to be held to maturity in 2025) 27,000 Land (in use) 24,000 Land held for speculation 15,000 Prepaid insurance (for January 2021 coverage paid in advance) 3,000 Note: Enter investments in the order of the largest dollar amount to the smallest dollar amount. Investment Section As of December 31, 2020 = $ Bond sinking fund Debt investments Land (in use) Land held for speculation Prepaid insurance