Return to question 5 ! Required information [The following information applies to the questions displayed below.) Part 5 of 5 On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances: Credit 10 points Debit $ 11,600 34,800 152,400 71,300 124,000 Accounts Cash Accounts Receivable Inventory Land Buildings Allowance for Uncollectible Accounts Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Totals $ 2,200 10,000 22,100 204,000 155,800 $394,100 $394,100 During January 2021, the following transactions occur: During January 2021, the following transactions occur: Borrow $104,000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments of $2,011 are required at the end of each month for 60 months. Receive $31,400 from customers on accounts receivable. Pay cash on accounts payable, $15,000. January 1 January 4 January 10 January 15 January 30 January 31 Pay cash for salaries, $29,300. Firework sales for the month total $195,800. Sales include $65,400 for cash and $130,400 on account. The cost of the units sold is $114,500. Pay the first monthly installment of $2,011 related to the $104,000 borrowed on January 1. Round your interest calculation to the nearest dollar. 5. Prepare a classified balance sheet as of January 31, 2021. (Hint: The carrying value of notes payable on January 31, 2021 is $102,509; $18,479 is reported as notes payable in the current liabilities section and $84,030 is reported as notes payable in the long- term liabilities section ($18,479 + $84,030 = $102,509). (Amounts to be deducted should be indicated with a minus sign.) January 31, 2021 Assets Liabilities Cash 155,800 22,100 X 29,300 X Accounts Receivable Accounts Payable Salaries Payable Income Tax Payable 34,800 Total Current Liabilities 51,400 Total Liabilities 51,400 Stockholder's Equity Common Stock (4,308) 186,292 Total Current Assets Retained Earnings 0 Total Stockholders' Equity Total Liabilities and Stockholders' Equity Total Assets $ 186,292 $ 51,400