Problem #3- This problem is worth 15 points. You must use an Excel spreadsheet for your answer. Axion Corporation Balance Sheet December 31, 202X Assets Cash Accounts receivable Land, building & equipment Prepaid expenses Patent Inventory $ 32,500 174,175 540,000 14,000 17,000 50,000 Total Assets $ 827,675 Liabilities and Owners' Equity Accounts payable Mortgage payable Taxes payable Unearned revenue Common stock Retained earnings $ 54,300 150,000 40,000 11,000 50,000 522,375 Total Liabilities and Owners' Equity $ 827,675 The books have been closed for the year. Any changes in revenues or expenses will be adjusted to Retained Earnings. Required: Based on the information above, and the information below, prepare IN GOOD FORM: 1) Adjusting journal entries to correct the balance sheet errors and/or reclassification entries. Use Sheet 1 for the adjusting entries. 2) A corrected and classified balance sheet. Use Sheet 2 for this. Use the following categories: Current assets; Property, plant & equipment; Other Assets, Current liabilities, Long-Term Debt and Stockholders' equity. 3) Compute the following: a) Current Ratio b) Debt Ratio C) Asset Turnover Problem #3- This problem is worth 15 points. You must use an Excel spreadsheet for your answer. Axion Corporation Balance Sheet December 31, 202X Assets Cash Accounts receivable Land, building & equipment Prepaid expenses Patent Inventory $ 32,500 174,175 540,000 14,000 17,000 50,000 Total Assets $ 827,675 Liabilities and Owners' Equity Accounts payable Mortgage payable Taxes payable Unearned revenue Common stock Retained earnings $ 54,300 150,000 40,000 11,000 50,000 522,375 Total Liabilities and Owners' Equity $ 827,675 The books have been closed for the year. Any changes in revenues or expenses will be adjusted to Retained Earnings. Required: Based on the information above, and the information below, prepare IN GOOD FORM: 1) Adjusting journal entries to correct the balance sheet errors and/or reclassification entries. Use Sheet 1 for the adjusting entries. 2) A corrected and classified balance sheet. Use Sheet 2 for this. Use the following categories: Current assets; Property, plant & equipment; Other Assets, Current liabilities, Long-Term Debt and Stockholders' equity. 3) Compute the following: a) Current Ratio b) Debt Ratio C) Asset Turnover