Problem 4- The December 31, 2018, post-closing trial balance (S in thousands) for Libby Corporation is presented below Cash Investments (long-term) Accounts receivable Allowance for uncollectible accounts Prepaid insurance /22,500 55,000 30,000 V 7.500 V 4,500 V100,000 /45,000 140,000 V50,000 132.500 V30,000 5,000 37,500 V 65,000 10,000 120,000 Buildings Accumulated depreciation-buildings pment Accumulated depreciation-equipment Patents (unamortized balance) Accounts payable Notes payable, due 2019 Interest payable Bonds payable, due 2028 Common stock, no par, 20,000 shares authorized, issued, and outstanding Retained eanings 150,000 64,500 Required: Prepare a classified balance sheet for Libby Corporation at December 31. 2018. Problem 5- The following are the typical classifications used in a 2018 balance sheet: a) Current assets b) Investments c) Property, plant, and equipment d) Intangible assets e) Other assets 1) Current liabilities g Long-term liabilities h) Paid-in capital i) Retained earmings j) Cash equivalents Required For each of the following balance sheet items, use the letters above to indicate the appropriate classification category. If the item is a contra account (valuation account), place a minus sign before the chosen letter. Note receivable, due in 5 years 10 Money market funds Allowance for doubtful accounts 12 Land, held for investment Note payable, due in 10 months14 Interest receivable Note receivable, due in 6 months 16 Commercial paper Inventories Franchise 10-year bonds payable Taxes payable Prepaid charges for 2021 Preferred stock Vehicles Deferred revenue 2. 3. 13 15 9. Cash restricted to pay bonds payable 18. Accumulated net income