1. Prepare a corrected Balance Sheet.

Asheville Company Balance Sheet For the Year Ended December 31, 2018 Assets: Land $100,000 Accounts payable 10,000 Accounts receivable 12,500 Cash 10,000 Common stock 115,000 Total Assets $247,500 Liabilities: $125,000 120,000 Equipment Retained earnings Wages payable Total Liabilities 2,500 $247,500