Problem 14.4A Reconstructing a balance sheet to reflect proper accounting principles. LO 14-5,14-6 Sadie Hawkins owns The Education Supply Center, a small store that sels educational supplies. Hawkins recently approached the local bank for a loan to finance a planned expansion of her store. Hawkins prepared the balance sheet shown below and submitted It to one of the bank's loan officers in support of her loan application. The Educational Supply Center Balance Shcet Decenber 31, 2019 Cash Accounta Receivable Inventory Equipment (cost Personal Residence Supplies Family Auto Total Aasets $ 14,400 17,000 41,000 35,000 208,000 2,160 40,000 357,560 Liabilities and Owner s Equity $ 17,450 13, 000 112,000 215,110 $357,560 Accounts Payable Note Payable on Fanily Mortgage on Housc Sadic Hawkins, Capital Total Liabilities and wner's Equity The following additional Information was made available by Hawkins a. The Inventory has an original cost of $32,900. It is listed on the balance sheet at the estimated selling price. b. The cash listed on the balance sheet Includes $3,700 In Sadie Hawkins personal account. The remainder of the cash is In the store's account. C. The store recently purchased a dellvery truck for $39,000, financed through a bank loan. The bank has lega ttie to the truck. To date, the store has paid $11,000 on the loan Of the remaining $28,000 lability, $10,600 is current and the remainder long-term. Hawkins did not Include the truck or the liability on the balance sheet because nelther she nor the business owns It. d. Depreclation allowable to date is $7,000 on the equipment and $5,000 on the truck. Required: 2. Prepare a corrected balance sheet in accordance with generaly accepted accounting principles Balance Sheet December 31, 2019 Assets t assets Total current assets and equipment Total plant and equipment otal assets Liabilities and owner's equity t liabilities Total current liabilities liabilities Total liabilities Owner's equity Total liabilites and owner's equity