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Assets Cash Land Account receivable Equipment Total assets: 10,000 100,000 12,500 125,000 247,500 Liabilities Account payable Wages payable Total liabilities: 10,000 2,500 12,500 Stockholders' Equity Common stock Retained earnings Total stockholders's Equity 115,000 120,000 235,000 Total liability and Stockholders' Equity 247,500 Balanoe Sheet png 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