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Presented below are a number of balance sheet items for Teal,Inc., for the current year, 2017.Goodwill$ 127,870Accumulated Depreciation-Equipment$ 292,320Payroll Taxes Payable180,461Inventory242,670Bonds payable302,870Rent payable (short-term)47,870Discount on bonds payable15,320Income taxes payable101,232Cash362,870Rent payable (long-term)482,870Land482,870Common stock, $1 par value202,870Notes receivable448,570Preferred stock, $10 par value152,870Notes payable (to banks)267,870Prepaid expenses90,790Accounts payable492,870Equipment1,472,870Retained earnings?Debt investments (trading)123,870Income taxes receivable100,500Accumulated Depreciation-Buildings270,520Notes payable (long-term)1,602,870Buildings1,642,870Prepare a classified balance sheet in good form. Common stockauthorized was 400,000 shares, and preferred stock authorized was20,000 shares. Assume that notes receivable and notes payable areshort-term, unless stated otherwise. Cost and fair value of debtinvestments (trading) are the same.