red boat co. had the following assets: machinery, $7,450; cash, $1,300; land, $11,500; prepaid expenses, $3,150; accounts receivable, $2,750; supplies, $5,500; and a building, $13,000. at year-end, on june 30, retained earnings had a balance of $5,750 and common stock had a balance of $3,000. the company’s only liabilities are long-term debt, $22,500; accounts payable, $5,950; and accrued expenses, $7,450. prepare the company’s balance sheet, distinguishing between current and long-term assets and liabilities.