Problem Set B E connect Listed in random order are the items to be included in the balance sheet of Tri-State Lodge at December 31, year 1. L02-4 PROBLEM 2.1B Preparing and Evaluating a Balance Sheet $ 10,800 Buildings $516,000 Equipment Land Accounts Payable .. Accounts Receivable. Salaries Payable Interest Payable 168,000 Capital Stock 10,920 27,120 260,400 270,480 32,880 Cash 3,960 Furnishings 15,840Notes Payable 4,800 Retained Earnings... Instructions a. Prepare a balance sheet at December 31, year 1. Include a proper heading and organize your balance sheet similar to the illustrations shown in Chapter 2. You will need to compute amount to be shown for Capital Stock the b. Assume that no payment is due on the notes payable until year 3. Does this balance sheet indicate that the company is in a strong financial position as of December 31, year 1? Expiai briefly