Carla Vista Corporation was formed on January 1, 2025. At December 31, 2025, Sharon Lee, the president and sole stockholder. decided to prepare a balance sheet, which appeared as follows. Sharon willingly admits that she is not an accountant by training. She is concerned that her balance sheet might not be correct. She has provided you with the following additional information. 1. The boat actually belongs to Sharon, not to Carla Vista Corporation. However, because she thinks she might take customers out on the boat occasionally, she decided to list it as an asset of the company. To be consistent, she also listed as a liability of the corporation her personal loan that she took out at the bank to buy the boat. 2. The inventory was originally purchased for $24,800, but due to a surge in demand 5 haron now thinks she could sell it for $35,000. She thought it would be best to record it at $35,000. 3. Included in the accounts receivable balance is $9,400 that Sharon loaned to her brother 5 years ago. Sharon included this i $. the receivables of Carla Vista Corporation so she wouldn't forget that her brother owes her money. CARLA VISTA CORPORATION Balance Sheet Assets Cash Accounts Recelvable Total Assets Liabilities and Stockholders' Equity S 5 eTextbook and Media