CASE $2$

A comparative balance sheet for ABC Corporation is presented below:

ABS CORPORATION

Comparative Balance Sheet

$\backslash$table$[[,2022],[,,],[$Accounts receivable $($net$),$Assets,$60,000],[$Prepaid insurance,$70,000,17,000],[$Land$,25,000,40,000],[$Equipment$,18,000,60,000],[$Accumulated depreciation,$70,000,(13,000)$