il-KIRBY, GARRETT - Outlook Software Distribution Software Distribution Universit Blackboard Learn University Check my work mode: This shows what is correct or incorrect for the work you 11 Required information The following information applies to the questions displayed below.) Part 1 of 4 Ken Young and Kim Sherwood organized Reader Direct as a corporation: each contributed $49,000 cash to start the business and received 4.000 shares of stock. The store completed its first year of operations on December 31, 2014. On that date, the following financial items for the year were determined: cash on hand and in the bank $47,500; amounts due from customers from sales of books. $26.900; equipment. $48,000; amounts owed to publishers for books purchased. $8,000; one-year note payable to a local bank for $2,850. No dividends were declared or paid to the stockholders during the year. Required: 1. Complete the following balance sheet at December x Answer is complete but not entirely correct SI w E 00 m 33 IND 2 9 2 ssets Liabilit Cash $ Accounts Receivable Equipment 47,500 26,900 48,000 8,000 2,850 10,850 Accounts Payable Note Payable Total Liabilities Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 49,000 13,550 62,550 $ 73,400 Total Assets $ 122,400