The following items are taken from the financial statements of Laramie Company for the year ending December 31, 2010:Accounts payable $20,000Interest Payable 8,000Accounts receivable 21,000Accumulated depreciation equipment 28,000Advertising expense 21,000Cash 5,000Laramie, Capital (1/1/10) 100,000Laramie, Drawing 12,000Depreciation expense 12,000Insurance expense 3,000Note payable, due 6/30/15 60,000Prepaid insurance (12-month policy) 6,000Copyright 5,000Rent expense 17,000Salaries expense 32,000Service revenue 130,000Interest Income 3,000Supplies 9,000Supplies expense 6,000Land 45,000Equipment 155,000 All accounts have normal balances. All asset, liability, revenue and expense accounts are post adjusting entry balances. Closing entries for 2010 are not reflected in the account balances, so you need to update the Capital Account. Instructions: Prepare a classified Balance Sheet for the Laramie Company for the year ending December 31, 2010. Include subtotals for classifications and totals for balance sheet sections. There were no additional owner investments during 2010.
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