Problem: Module 3 Textbook Problem 8 Learning Objective: 3-8 Distinguish between current and noncurrent assets and liabilities on a classified balance sheet Required Use the following information to prepare a classified balance sheet for Alpha Co. at the end of Year 1. Accounts receivable $41,020 Accounts payable 6,175 Cash 13,410 Cormon stock 43,500 Land 19,000 Long-term notes 23,600 payable Merchandise 28,825 inventory Retained earnings 28,980 ALPHA CO Classified Balance Sheet As of December 31, Year 1 Assets Current assets Total current assets Property, plant and equipment Total property, plant and equipment Total assets Liabilities and Stockholders' Equity Current liabilities Long-term liabilities Total liabilities Stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity