Using the information provided, prepare a classified balance sheet for Line Laundry as at December $31,$

$2020.($continue on next page if needed$)$

Post$-$closing Trial Balance as of December $31,2020$

Account Description

Balance$*$

Account Description

Balance$*$

Accounts payable

$25,000$

Unearned revenues

$92,000$

Accounts receivable

$70,000$

Vehicle

$80,000$

Accumulated amortization, patent

$12,000$

Accumulated depreciation, equipment

$150,000$

Accumulated depreciation, vehicle

$62,000$

Line, Capital

$300,000$

Utilities payable

$5,000$

Depreciation expense

$53,000$

Allowance for doubtful accounts

$3,500$

Equipment

$450,000$

Cash

$31,000$

Salaries payable

$5,500$

Prepaid rent

$55,000$

Notes payable$**$

$146,000$

Land

$75,000$

Other expenses

$333,000$

Revenue

$525,000$

Patent

$40,000$

$*$Assume that all accounts have normal balances.

$**$$$50,000$ of the notes payable will be paid by December $31,2021.$