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: 7) Common stock represents 5,000 shares of $1 par common. It was all sold for $10 per share. (Look in Chapter 13!!!) Bonus Point: As a result of your corrections, what is the overall dollar amount change (Increase or Decrease) to the net income? (Ignore the income tax effect). Answer: 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: 7) Common stock represents 5,000 shares of $1 par common. It was all sold for $10 per share. (Look in Chapter 13!!!) Bonus Point: As a result of your corrections, what is the overall dollar amount change (Increase or Decrease) to the net income? (Ignore the income tax effect)