Purpose For this assignment, students will be responsible for explaining the purpose of a balance sheet and preparing a corrected balance sheet Instructions (Problem TIF 4-3 Warren, Reeve & Duchac 14E) Your friend Daniel Nat recently began work as the lead accountant for the Asheville Company. Dan prepared the following balance sheet for December 31, 2018: 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: Equipment $125,000 Retained earnings 120,000 Wages payable 2.500 Total Liabilities $247.500 Directions 1. Write a one paragraph letter to Daniel explaining the errors in the Balance Sheet. A paragraph is at least four sentences. Please use correct grammar and full sentences. Please do not copy and paste sentences directly from the textbook (use your own words. 2. Prepare a corrected Balance Sheet How to Submit Assignments: Type answers directly in the Canvas Text Box. How do you type answers into the Canvas Text Box? Please read the below Canvas Guide Grading Rubric: Before completing assignment, please make sure to review the Grading Rubric What is a Grading Rubric? it is pure magic! The purpose of a grading rubric is to provide students with information about how their assignment will be graded. In other words. I will be using the Grading Rubric to grade your assignment. Therefore, you know in advance how to earn 100% on this assignment - that's magic