Problem 1: Prepare a classified balance sheet for Sandpiper Corporation as of December 31, 2019 using columns 2 and 3 of the accounting paper supplied. Parenthetically show common shares authorized,...

Extracted text: Problem 1: Prepare a classified balance sheet for Sandpiper Corporation as of December 31, 2019 using columns 2 and 3 of the accounting paper supplied. Parenthetically show common shares authorized, issued, and outstanding. Use pencil only, place the units, tens, hundreds, thousands, etc. in the proper mini column, and leave the pennies blank. No commas are necessary when you use the accounting paper properly. Dollars signs used at the top of the column and after a total line. Use columns 2 for detail and column 3 for netting, totals, and grand totals. Leave column 1 and 4 blank. This balance sheet balances with these numbers. Bracketed notes are for the preparer and parathetical notes are for the reader of the financials. You are the preparer. Accounts Payable 13,580 47,280 15,740 1,595 Accounts Receivable Accumulated Depreciation Allowance for Doubtful Accounts Bonds Payable Cash and Cash Equivalents Common Stock at par $2 (authorized 100,000 shares, issued xxXXx shares, and XXXX outstanding) Current Portion of Long-Term Debt Discounts on Bonds Payable Intangilbles - Net Long-Term Debt Payable [not including current portion] Long-Term Investment in Equity Securities Merchandise Inventory (FIFO, Lower of Cost or Market) Paid in Capital in Excess of Par - Common Prepaid expenses Property, Plant, and Equipment Retained Earnings [12/31/2019 after closing entries] Trading Securities [current] Treasury Stock - Common (900 shares) Unearned Revenues 11,000 33,475 120,000 8,560 1,850 37,080 40,250 86,500 48,790 20,360 4,820 140,760 180,820 9,240 3,680 1,570 [You must calculate Issued and outstanding shares.]