Presented below is information related to Victor Company at December 31, 2019. Assume a tax rate of 30% on all items.Account Title Amount Account Title AmtAccounts Payable ---------------------- $ 204,975 Income Taxes Payable --------------- 78,000Accounts Receivable ...................... 259,200 Interest Payable ........................... 2,850Accum. depreciation - Building - 391,500 Inventory ------------------------------- 790,125Additional Paid-in Capital ................. 81,900 Land ............................................. 232,500Allowance for Doubtful Accounts ---- 3,900 Notes Payable-short-term ---------- 96,000Notes Receivable due in 6 months. 69,000Bonds Payable (due 2025) ----------- 600,000 Preferred Stock ----------------------- 375,000Buildings .......................................... 963,000 Prepaid Insurance ........................ 28,125Cash -------------------------------------- 85,125 Salaries and Wages Payable ------ 17,100Common Stock ................................ 562,500 Supplies ........................................ 18,900Copyrights --------------------------------- 96,450 Trading Securities 36,300Debt Investments (long-term) 140,700 Retained Earnings 306,000Requirements: Prepare the asset section of a Classified Balance Sheet for Victor Company using the Report Form. Include all headings, subheading, subtotals, and totals (with labels) that appear on a Classified Balance Sheet.
