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Q5. Linda Shields and Mark Ryan own all the capital stock of Property Management Corporation. Both stockholders also work full time in the business. The company performs management services for apartment house owners, including finding tenants, collecting rents and doing maintenance work. When the business was organized early this year, Shields and Ryan invested a total of Rs. 50,000 to acquire the capital stock. At December 31, a partial list of the corporation's balance sheet items include cash Rs. 15,700, office equipment of Rs. 6,100, accounts payable of Rs. 16,100, and an income tax payable of Rs. 2,900. Additional information on financial position and operations appears in the following six numbered paragraphs. Some of this information should be included in the balance sheet; some should not. (1) Earlier this year the corporation purchased an office building from Shields at a price of Rs. 42,000 for the land and Rs. 67,000 for the building. The corporation owes Shields a Rs. 49,000 note payable in connection with the purchase of the property. (2) While working, Shields drives her own automobile, which cost Rs. 12,600. Ryan uses a car owned by the corporation, which cost Rs. 10,200 (3) One of the apartment houses managed by the company is owned by Ryan. Ryan's cost was Rs. 100,000 for the land and Rs. 190,000 for the building. (4) Company records show a Rs. 1,900 account receivable from Ryan and Rs. 23,400 accounts receivable from other clients. (5) Shields have a Rs. 20,000 bank account in the same bank used by the corporation. She explains that if the corporation should run out of cash, it may use that Rs. 20,000 and repay her later. (6) Company records have not been properly maintained, and the amount of retained earnings is not known. (You can compute this amount as a final step in preparing the balance sheet). Required: (Marks 10) a. Prepare a balance sheet for the business entity Property Management Corporation at December 31, 201X. Complete accounting cycle. (GJ, GL, TB & BS)