The following adjusted trial balance is for Carla Co.at year-end December 31.The credit balance in Carla West,Capital at the beginning of the year,January 1,was $320,000.The owner,Carla West,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 as of December 31.(Note: A $21,000 installment on the long-term note payable is due within one year. )
Definitions:
Absorption Costing
A financial recording technique that incorporates all expenses related to production, such as direct materials, direct labor, and variable as well as fixed manufacturing overhead costs, into the product's cost.
Unit Product Cost
The total cost (direct materials, direct labor, and overhead) assigned to a single unit of product.
Segment CM Ratio
The ratio of a business segment's contribution margin to its sales, indicating the profitability and efficiency of that segment.
Traceable Fixed Expenses
Fixed costs that can be directly associated with a specific department or product.
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