Kit Lucas is the bookkeeper for Aurora Company. Kit has been trying to get this balance sheet of Aurora Company to balance. It finally balanced, but now he's not sure it is correct.

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Assets AURORA COMPANY Balance Sheet December 31, 1998 Liabilities and Stockholders' Equity Cash $16,500 Accounts payable $20,000 Supplies 8,000 Accounts receivable (10,000) Equipment 46,000 Common stock 50,000 Dividends 7,000 Retained earnings 17,500 Total assets $77,500 Total liabilities and stockholders' equity $77,500 Instructions Prepare a correct balance sheet.