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The Following Is a List of Balance Sheet Accounts (In

question 196

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The following is a list of balance sheet accounts (in random order) and balances for the Premium Office Supply Company. They have been updated as of December 31, Year 1.
 Building $240,000 Land 80,000 Retained earnings 320,000 Notes payable (due in 10 years) 136,000 Inventory 480,000 Equipment 96,000 Accounts payable 112,000 Common stock 480,000 Accumulated Depreciation - Building 80,000 Accumulated Depreciation - Equipment 32,000 Cash80,000 Unearned revenue16,000 Accomts receivable 200,000\begin{array}{lr}\text { Building } & \$240,000 \\\text { Land } & 80,000 \\\text { Retained earnings } & 320,000 \\\text { Notes payable (due in 10 years) } & 136,000\\\text { Inventory } & 480,000 \\\text { Equipment } & 96,000 \\\text { Accounts payable } & 112,000 \\\text { Common stock } & 480,000 \\\text { Accumulated Depreciation - Building } & 80,000 \\\text { Accumulated Depreciation - Equipment } & 32,000\\\text { Cash}&80,000\\\text { Unearned revenue}&16,000\\\text { Accomts receivable }&200,000\end{array} Required:
Prepare a classified balance sheet for Premium Office Supply Company at December 31, Year 1.

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