IN TRACK Problem 1-5 Concord Corporation was formed on January 1, 2017. At December 31, 2017, Miko Llu, the president and sole stockholder, decided to prepare a balance sheet, which appeared as follows Assets Concord Corporation Balance Sheet December 31, 2017 Liabilities and Stockholders Equity $21,600 Accounts payable $32,400 54,000 Notes payable 16,200 38,880 Boat loan 23,760 25,920 Stockholders' equity 69,120 Cash Accounts receivable Inventory Boat Miko willingly admits that she is not an accountant by training. She is concerned that her balance sheet might not be correct. She has provided you with the following additionat information 1. The boat actually belongs to Miko, not to Concord Corporation. However, because she thinks she might take customers out on the boat occasionally, she decided to listen an asset of the company. To be consistent, she also listed as a liability of the corporation her personal loan that the took out at the bank to buy the boat 2. The inventory was originally purchased for $27,000, but due to a surge in demand Mike now thinks she could sell it for $30,000. She thought it would be best to record it at $38,880 3. Included in the accounts receivable balance is $10,000 that Mike loaned to her brother 5 years ago. Mke included this in the receivables of Concord Corporation so she wouldn't forget that her brother owes her money (b) Provide a corrected balance sheet for Concord Corporation dant: To get the balance sheet to balance, adjust stockholders equity) (List assets in order of uidity) Udice bi Corporation. (Hint: To get the balance sheet to balance, adjust stockholders equity. OURCES work ed for Concord Corporation Balance Sheet Assets $ Study Liabilities and Stockholders' Equity $ $