The Following Adjusted Trial Balance Is for Clara Co

Essay

The following adjusted trial balance is for Clara Co. at year-end December 31. The credit balance in Clara, Capital at the beginning of the year, January 1, was $320,000. The owner, Sara Clara, invested an additional $100,000 during the current year. The land held for future expansion was also purchased during the current year.
Required:
Prepare a classified balance sheet. (Note: A $21,000 installment on the long-term note payable is due within one year.)