P1-65B. (Learning Objectives 1, 3, 4, 5: Explain accounting language; apply the accounting LO 1 3 4 5 equation;evaluate business operations; construct a balance sheet) The manager of Candace Design, Inc., prepared the company's balance sheet as of June 30, 2016, while the accountant was ill. The balance sheet contains numerous errors. In particular, the manager knew that the balance sheet should balance, so she plugged in the stockholders' equity amount needed to achieve this balance. The stockholders' equity amount is not correct. All other amounts are accurate A1 Candace Design, Inc. Balance Sheet une 30, 2016 Assets Liabilities 500 Notes receivable 13,000 2,200 3 Cash Equipment Accounts payable 35,600 Interest expense 2,500 Office supplies 800 Acc 300 Note 800 54,500 74,500 6 Utilities expense an 500 Stockholders' Equity Stockholders' equit 52,700 127,200 10 Tot 127,200 Total liabilities 12