Andre McEnroe is the accountant for Beckers Tennis Academy. Andre recently completed his accounting degree, and the owner of the business, Ivan Becker has asked Andre to prepare a Statement of Financial Position as at 30^th June, 2022 for a presentation to company executives. Below is the Statement of Financial Position prepared by Andre using the account format. Ivan is concerned that the financial statement is not correct and has asked you to review it.

Beckers Tennis Academy

Statement of Financial Position

as at 30 June 2022

Assets	$	Liabilities & Owners Equity	$
Cash at bank	28,400	Accounts Receivable	11,900
Profit for the year	15,100	Capital I. Becker	49,000
Prepaid Rent	9,900	Equipment	65,000
Accounts Payable	12,400	Accumulated Depreciation Equipment	12,000
Revenue received in Advance	4,900	Loan Payable (due to be repaid in 2024)	21,800

Required:

Assume that the account balances Andre has used are correct. Prepare a corrected Statement of Financial Position for the business using the narrative format as at 30^th June 2022.