Problem 1-5A Novak Corp. was formed on January 1, 2017. At December 31, 2017, Miko Liu, the president and sole stockholder, decided to prepare a balance sheet, which appeared as follows. Novak Corp. Balance Sheet December 31, 2017 Llabilitles and Stockholders Equity Accounts payable $29,600 $44,400 22,200 32,560 94,720 Accounts receivable 74,000 Notes payable 53,280 Boat loan 35,520 Stockholders' equity Miko willingly admits that she is not an accountant by training. She is conoened that her balanoe sheet might not be correct. She has provided you with the following additional information. 1 The boat actually belongs o Miko, not o Novak Corp. However, because she thinks she might ake customers Dut an he boat occasionally, she decided to list it as an asse o he company. To be consistent, she aiso listed as personal loan that she took out at the bank to buy the boat. liability of the corporation her 2. Tha inventory was originally purchasnd for $37 DDD, hut due to a surge in damand Miko naw thinks she could sell it for $53,280. She thought it wauld ba brst to rocord it at $53,28D Included in the accounts reccivable balance is $1,800 that Miko loaned to her brother 5 years ago. Miko induded this in the receivables of Navak Corp. she wauldn't farget that her brother owes her mancy (b) Provide a corrected balanca shaet for Novak Carp.. (Hinr: To gat the balance shent to balance, adjust stockholdors' quity.) (List assets in order of liquidity.)