E F Valentin, Corporation a well known T shirt company is developing its financial statements for the current year. 1 The 2 following amounts were correct on 12/31, current cash $48,000; short term Liabilities Assets 3 investments $10,000; equipment, $72,060; net accounts receivable, $3,686; Current Liabilities Current Assets inventory, $1,850; prepaid rent, $1,120 accumulated depreciation on 5 equipment $49,893; income taxes payable, $131; Short term notes payable, 6 $3,200; accounts payable, $5,880; retained earnings, $72,612; common stock 7 1,000 shares outstanding, par value $1 with a market value of $5.00 8 9 $0 $0 Total Current Assets Total current liabilities 10 11 You have been hired by Valentin, Corp as my newest accountant in the business office. I need you to 1. create a balance sheet and 2. I need you to help me explain to my non-accounting managers, what is the net book value of the equipment and what that means. Stockholders' Equity Non-Current Assets 12 13 14 15 $0 $0 total stockholders' Equity 16 $0 Total Assets Total Liabilities and SE 17 18 19