Finaccial statements We-Sell Realty was organized as a corporation on August 1, 20Y7, by the issuance of common stock of $14,000. Wo-Sell Rieity is owned and operated by Omar Farah, the sole stockholder. The following statements for We-Sell Realty were prepared after its first month of operations: Omar Farah Statement of Stockholders' Equity For the Year Ended August 31, 20Y6 Retained \begin{tabular}{lrr} & Earnings & \multicolumn{1}{c}{ Total } \\ \cline { 2 - 3 } Balances, August 1, 20Y7 & $0 & $0 \\ Net income & 25,200 & 25,200 \\ Dividends & (9,000) & (9,000) \\ \hline Balances, August 31,20Y7 & $16,200 & $16,200 \\ \hline \hline \end{tabular} Balance Sheet For the Month Ended August 31, 20Y7 Assets Cash $8,500 Accounts payable Total assets Liabilities Accounts receivable $40,400 Supplies 3,000 Stockholders' Equity Retained earnings Total liabilities and stockholders' equity a. Identify the errors contained within the presented financial statements for We-Sell Realty. 1. Which of the financial statement(s) display the correct heading? 2. Which of the financial statement(s) cover a period of time? Income-Statement and Statement of Stockholders' Equity 1 3. What is the equation on the balance sheet? 4. What is the correct net income? This error also affects what other account balance? 5. What is the correct total for the total assets? 6. What is the correct total for the liabilities? b. Prepare a corrected set of financial statements for We-Sell Reaity. b1. Prepare an Income Statement for the Month Ended August 31, 20k7. We-seil Reaity b2. Prepare a statement of stockholders' equity for the month ended August 31, 20y7. If an amount box dees not require an entry lesve it blanke. b3. Prepare a balance sheet as of August 31, 20Y7