Crane Company was formed on January 1, 2022. At December 31, 2022, Mikou, the president and sole stockholder, decided to prepare a balance sheet, which appeared as follows Accounts receivable December 31, 2022 Liabilities and stockholders' Equity $20.500 Accounts payable $32,700 61.000 Notes payable 15,800 36,000 atlon 27,000 25,000 Stackholders' uity 67,000 Inventory Miko 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. 2. 3. The boat actually belongs to Miko, not to Crane Company. 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, the le listed a b ility of the corporation her personal loan that she took out at the bank to buy the boat The inventory was originally purchased for $25,900, but due to a surge in demand Mike now thinks she could sell for $35.000. She thought it would be best to record it at $36,000 Included in the accounts receivable balance is $10,700 that Mike loaned to her brother 5 years ago Mike included this in the recevables of Crane Companys she wouldn't forget that her brother owes her money (b) Provide a corrected balance sheet for Crane Company (Hot To get the balance sheet to balance, adjust stockholders' equity) (List assets in order of liquidity) Provide a corrected balance sheet for Crane Company Hint: to get the balance sheet to balance, adjust stockholders' equity List assets in order of liquidity) CRANE COMPANY Balance Sheet December 31, 2022 Cash account Inventory Total Assets Liabilities and Stockholders' Equity Liabilities Accounts Payable Notes Payable Total Liabilities Stockholders' Equity Total Liabilities and Stockholders' Equity SHOW UST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO Question Attempts: 0 of 4 used SAVETO