answer the required questions.

CHAPTER 1 Financial Statements and Business Decisions 43 "Accumulated depreciation represents the cost related to the used portion of the asset and should be subtracted from the asset balance. Required: 1. List all of the deficiencies that you can identify in these statements. Give a brief explanation of each one. 2. Prepare a proper statement of earnings for Performance Corporation for 2023 (correct net earnings is $30,000 ) and a proper statement of financial position at December 31, 2023 (correct total assets are $142,000 ). CHAPTER 1 Financial Statements and Business Decisions 43 "Accumulated depreciation represents the cost related to the used portion of the asset and should be subtracted from the asset balance. Required: 1. List all of the deficiencies that you can identify in these statements. Give a brief explanation of each one. 2. Prepare a proper statement of earnings for Performance Corporation for 2023 (correct net earnings is $30,000 ) and a proper statement of financial position at December 31, 2023 (correct total assets are $142,000 )