(Solved): The following transactions occurred for Lantana Company during its first month of operations and ha ...

The following transactions occurred for Lantana Company during its first month of operations and have been recorded in the Taccounts below. a. Received $$\$50,000$$ cash from Lantana, the sole proprietor. 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). 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-occount balances and formulas to complete columns $$\mathrm{C}$$ and $$\mathrm{H}$$.