Pharoah Company was formed on January 1, 2022. At December 31, 2022, Miko Liu, the president and sole stockholder, decided to prepare a balance sheet, which appeared as follows. Assets Cash Pharoah Company Balance Sheet December 31, 2022 Liabilities and Stockholders' Equity $21,500 Accounts payable $33,700 60,000 Notes payable 16,900 38,000 Boat loan 22,400 23,500 Stockholders' equity 70.000 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 additional information. 1. The boat actually belongs to Miko, not to Pharoah Company. However, because she thinks she might take customers out on the boat occasionally, she decided to list it 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 $24,700, but due to a surge in demand Miko now thinks she could sell it for $38,000. She thought it would be best to record it at $38,000. 3. Included in the accounts receivable balance is $9,600 that Miko loaned to her brother 5 years ago. Miko included this in the receivables of Pharoah Company so she wouldn't forget that her brother owes her money. (6) Provide a corrected balance sheet for Pharoah Company. (Hint: To get the balance sheet to balance, adjust stockholders' equity.) (List assets in order of liquidity.) PHAROAH COMPANY Balance Sheet Assets $ Liabilities and Stockholders' Equity Provide a corrected balance sheet for Pharoah Company. (Hint: To get the balance sheet to balance, adjust stockholders' equity.) liquidity.) PHAROAH COMPANY Balance Sheet Assets $ $ Liabilities and Stockholders' Equity