The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 20Y2:

Cash $240,000
Accounts receivable 966,000
Inventory 1,690,000
Estimated returns inventory 22,500
Office supplies 13,500
Prepaid insurance 8,000
Office equipment 830,000
Accumulated depreciation-office equipment 550,000
Store equipment 3,600,000
Accumulated depreciation-store equipment 1,820,000
Accounts payable 326,000
Customer refunds payable 40,000
Salaries payable 41,500
Note payable (final payment due in 6 years) 300,000
Common stock 500,000
Retained earnings 2,949,100
Dividends 100,000
Sales 11,343,000
Cost of goods sold 7,850,000
Sales salaries expense 916,000
Advertising expense 550,000
Depreciation expense-store equipment 140,000
Miscellaneous selling expense 38,000
Office salaries expense 650,000
Rent expense 94,000
Depreciation expense-office equipment 50,000
Insurance expense 48,000
Office supplies expense 28,100
Miscellaneous administrative expense 14,500
Interest expense 21,000

Required:
Prepare balance sheet, assuming that the current portion of the note payable is $50,000. Be sure to complete the statement heading. Refer to the problem data and the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. Negative amount should be indicated by the minus sign.

ASSETS

Non - Current Assets

Office equipment                                                 830,000

Accumulated depreciation-office equipment   (550,000)        280,000

Store equipment                                               3,600,000

Accumulated depreciation-store equipment  (1,820,000)     1,780,000

Current Assets

Cash                                                                                             240,000

Accounts receivable                                                                   966,000

Inventory                                                                                    1,690,000

Prepaid insurance                                                                            8,000

EQUITY AND LIABILITIES

Current Liabilities

Accounts payable                                                                       326,000

Customer refunds payable                                                           40,000

Salaries payable                                                                             41,500

Note payable (due within 12 months )                                         50,000

Non-Current Liabilities

Note payable (final payment due in 6 years)                            300,000

Equity

Common stock                                                                            500,000

Retained earnings                                                                     2,949,100

Dividends                                                                                    (100,000)

Explanation:

In Preparing Balance Sheet always keep in Mind the Accounting Equation : Assets = Capital + Liabilities.

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