Required:
Using the letters provided, classify items (1-13) according to the most commonly preferred balance sheet presentation.
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Assets
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Liabilities and Stockholders' Equity
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a. Current Assets
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f. Current Liability
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b. Tangible Assets
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g. Long-Term Liability
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c. Investments
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h. Capital Stock
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d. Intangibles
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i. Retained Earnings
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e. Other
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j. Items Not Included on Balance Sheet
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1.
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Land
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2.
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Marketable Securities
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3.
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Goodwill
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4.
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Inventories
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5.
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Premium on Preferred Stock
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6.
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Appropriation for Expansion
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7.
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Depreciation Expense
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8.
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Investment in K Company Bonds (long-term investment)
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9.
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Accounts Payable
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10.
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Bonds Payable
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11.
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Equipment
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12.
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Copyright
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13.
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Unamortized Premium on Bonds Payable
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