At the financial statement date of December 31, 2017, the liabilities outstanding of Arcadia Corporation included the following:. At the financial statement date of December 31, 2017, the liabilities outstanding of ArcadiaCorporation included the following:1. Cash dividends on common stock, $50,000, payable on January 15, 2018.2. Note payable to Silicon Valley Bank, $470,000, due January 20, 2018.3. Serial bonds, $1,800,000, of which $450,000 mature during 2018.4. Note payable to Orlando National Bank, $300,000, due January 27, 2018.The following transactions occurred early in 2018:January 15: The cash dividends on common stock were paid.January 20: The note payable to Silicon Valley Bank was paid.January 25: The corporation entered into a financing agreement with Silicon Valley Bank,enabling it to borrow up to $500,000 at any time through the end of 2020.Amounts borrowed under the agreement would bear interest at 1% above thebank’s prime rate and would mature 3 years from the date of the loan. Thecorporation immediately borrowed $400,000 to replace the cash used in payingits January 20 note to the bank.January 26: 40,000 shares of common stock were issued for $350,000. $300,000 of theproceeds was used to liquidate the note payable to Orlando National Bank.February 1: The financial statements for 2017 were issued.InstructionsPrepare a partial balance sheet for Arcadia Corporation, showing the manner in which theabove liabilities should be presented at December 31, 2017. The liabilities should be properlyclassified between current and long-term, and appropriate note disclosure should be included.