Dan Shoe, manager of Amco Inc., prepared the company's balance sheet while the accountant was ill. The balance sheet contains numerous errors. In particular, Shoe knew that the balance sheet should balance, so he plugged in the shareholders' equity amount needed to achieve this balance. The shareholders' equity amount is not correct. All other amounts are accurate. (Click the icon to view the financial data.) Requirements 1. Prepare the correct balance sheet and date it properly. Compute total assets, total liabilities, and shareholders' equity. 2. Is Amco Inc. actually in better or worse financial position than the erroneous balance sheet reports? Give the reason for your answer. 3. Identify the accounts listed on the incorrect balance sheet that are not reported on the balance sheet. State why you excluded them from the correct balance sheet you prepared for Requirement 1. On Assets Liabilities Cash $ 16,000 Accounts receivable Store fixtures 10,000 Sales revenue $ 10,500 55,000 Accounts payable 16,500 Interest expense 700 Rent expense 3,600 Note payable 9,000 Salaries expense 1,600 Total 75,200 Land 40,000 Advertising 1,600 expense Shareholders' Equity Shareholders' equity 14,100 Total liabilities and $ 89,300 $ 89,300 Total assets shareholders' equity