JS Kimmel, Financial Accounting, Be FINANCIAL ACCOUNT (ACCT 2110 CALCULATOR STANDARD VIEW PRENTER VERSTON Problem 1-5A Sunland Company was formed on January 1, 2017. At December 31, 2017, Miko Liu, the president and sole stockcholder , decided to prepare a balance sheet, which appeared as follows. Sunland Company Balance Sheet December 31, 2017 Liabilities and Stockholders Equity Assets Cash Accounts receivable Inventory Boat 24,800 Accounts payable 62,000 Notes payable 44,640Boat loan 29,760 Stockholders" equity $37,200 18,600 27,280 79,360 wilingy domits that she is not an accourtant by traning. she is concerned that her balance sheet might not se comke. She has provided you with the Tolowing adtional Infomation 1. The boat actually belongs to Miko, not to Sunland Company. However, because she thinks she might take customers out on the boat occasionally, she decided to list iat as an asset of the company. To be consistent, she also listed as a liability of the corporation her personal loan that she took out at the bank to buy the boat. 2. The inventory was originally purchased for $31,000, but due to a surge in demand Miko now thinks she oud seller t44,640, She thought r would be best to mod t at 640. 3. Included in the accounts receivable balance is $12,400 that Miko loaned to her brother 5 years ago. Miko included this in the receivables of Suniand Company so she wouldnt forget that h brother owes her money. (b) Provide a corrected balance sheet for Sunland Company.(Hint: To get the balance sheet to balance, adjyst stockholders' equity) (List ansets in order ef liquidity