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The Little Airplane That Could Charters is a private airplane charter company that has been doing business since 2018. During 2020, bookings significantly increased and business really started to take off as a private airplane charter provider. The company has since purchased an additional alrcraft, hired an additional pilot, and most recently hired a flight attendant. As a result of the 2020 business boom, the company went public and started issued common stock. The Little Airplane That Could Charters now flies daily routes and has landed contracts with many high-flying individuals around the nation. Presented below is the Company's December 31, 2022, pre-closing trial balance. 1. Prepare a classified balance sheet as of December 31,2022 , in good form like you would present it to a client (i.e. use proper heading, dollar signs, underlining, no abbreviations, correct spelling). 1. The $249,575 balance in the cash account includes the following items: - A commercial checking account at First Canyon Bank - A certificate of deposit that matures in 30 days - Overdraft balance in a commercial checking account at Second Canyon Bank - Apetty cash fund - A money market fund with check writing privileges - A certificate of deposit that matures in 180 days - A separate cash fund restricted for the purchase of a new aircraft in 2 years 34,500 18,000 125 500 14,000 5,700 177,000 2. The investments account includes the following items: - Investments in bonds that mature February 14,2023 - Investments in common stock that company management intends to hold several years 20,000 - Purchased commercial paper in Freefly Inc. due in 27 days 3. The aircraft account includes a $152,500 retired airplane which management intends to sell in a few years and is not currently in service. 4. The notes payable account consists of the following separate notes: - A $20,000 note due in six months - A $80,000 note due in six years - A $2,203,200 note due in 360 equal monthly installments beginning January 31,2023 5. The common stock account represents 12,000 shares issued of $2 par value common stock. The company is authorized to sell 30,000 shares and 10,000 shares are currently outstanding

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