Carla Vista Corporation, a private corporation, was formed on July 1, 2021. On July 31, Guy Glinas, the company's president, asked the accountant to prepare a statement of financial position at the end of the first month of operations. Carla Vista Corporation Statement of Financial Position July 31, 2021 Liabilities and Shareholders' Equity Assets Cash $23,600 Accounts payable $40,120 Accounts receivable 59,000 Boat loan payable 47,200 Inventory 42,480 Common shares 59,000 Boat 28,320 Retained earnings 7,080 $153,400 $153,400 Guy admits that his knowledge of accounting is somewhat limited and is concerned that his statement of financial position might not be correct. He gives you the following additional information: 1. 2. 3. The boat actually belongs to Guy Glinas, not to Carla Vista Corporation. However, because Guy thinks he might take customers out on the boat occasionally, he told the accountant to list it as an asset of the company. To be consistent, the accountant also included as a liability of the company the personal bank loan that Guy took out to buy the boat. Included in the accounts receivable balance is $11,800 that Guy personally loaned to his brother 5 years ago. It was included in the receivables of Carla Vista Corporation at Guy's request so that he wouldn't forget that his brother owes him money. The financial statements didn't balance originally. To make them balance, the accountant adjusted the Common Shares account until assets equalled liabilities and shareholders' equity. (b) Prepare a corrected statement of financial position. (Hint: To get the statement of financial position to balance, adjust Common Shares.) (List Assets in order of liquidity.) Carla Vista Corporation Statement of Financial Position Assets $ Liabilities and Shareholders' Equity $ $