Chapter 4 - Graded Discussion The Chapter 4 discussion is found in the "TIF" Take It Further section in the back of the chapter. Please see TIF 4-3, where it reads, "Your friend, Daniel Nat, recently began work as the lead accountant for the Asheville Company. Dan prepared the following balance sheet for December 31, 2018" Asheville Company Balance Sheet For the Year Ended December 31, 2018 Assets Land.............. Accounts payable Accounts receivable.. $100,000 10,000 12,500 10,000 115,000 $247,500 Cash... Common stock.... Total assets... Liabilities Equipment Retained earnings. Wages payable... Total liabilities ..... $125,000 120,000 2.500 $247.500 . ***** *** .. Explain the errors in the Asheville Company balance sheet and the correct presentation for the balance sheet. Incorporate into your discussion the accounting equation and further comment on why financial statements are important to any given end user. Finally, why is it important for you as business students, to understand the accounting cycle and the process that leads to the financial statement preparation