2 The following transactions occurred for Lantana Company during its first month of operations and have been recorded in the T-accounts below. a. Issue $50 , 000 of common stock to owners. b. Purchased land for $20 , 000 , paid $5 , 000 in cash and signed a 2-year note for the remainder. c. Bought $900 of supplies on account. d. Purchased $10 , 000 of equipment, paying cash. e. Paid $500 on account for supplies purchased in transaction (c). \begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|c|}{ Equipment } \\ \hline d. & 10,000 & \\ \hline bal. & & \\ \hline \hline \end{tabular} Common Stock Required: Using the T-account BALANCES and the information in the transactions, prepare a classified balance sheet for Lantana Company. Note: Use cell references to the T-account titles to complete columns B and G . Use cell references to the T- account balances and formulas to complete columns C and H . LANATANA COMPANY Balance Sheet At December 31.

1. 2 The following transactions occurred for Lantana Company during its first month of operations
and have been recorded in the T-accounts below. a. Issue $50 , 000 of common stock to owners.
b. Purchased land for $20 , 000 , paid $5 , 000 in cash and signed a 2-year note for the remainder.
c. Bought $900 of supplies on account. d. Purchased $10 , 000 of equipment, paying cash. e. Paid
$500 on account for supplies purchased in transaction (c). begin{tabular}{|l|l|l|} hline
multicolumn{2}{|c|}{ Equipment } hline d. & 10,000 & hline bal. & & hline hline
end{tabular} Common Stock Required: Using the T-account BALANCES and the information
in the transactions, prepare a classified balance sheet for Lantana Company. Note: Use cell
references to the T-account titles to complete columns B and G . Use cell references to the T-
account balances and formulas to complete columns C and H . LANATANA COMPANY
Balance Sheet At December 31