Question 14 options: In this section, all questions are worth 2 marks unless indicated otherwise. There are 17 marks in total. You and your friend Sheldon from ACC100 have been studying for the final exam. Sheldon is very uncertain about the structure of the balance sheet and shows you a practice balance sheet, provided below. Sheldon could not get the balance sheet to balance. You are told that the retained earnings amount was changed to make the assets equal the liabilities plus equity BUT you both know the retained earnings number is WRONG! You see right away that there are several errors on the statement. Because you are good friends, you decide to produce a balance sheet in good form using the correct format AND with the correct retained earnings amount. REQUIRED: Create a correct balance sheet and answer the questions below. ENTRY RULES: Enter digits (whole numbers) only - no commas, dollar signs, decimal points or pennies. Fantastic Computer Systems Balance Sheet Year Ended December 31, 2021 ASSETS Cash 2,145 Office supplies 855 Prepaid insurance 600 Inventory 1,475 Accounts receivable 1,500 Prepaid rent 500 Deferred revenue 850 Equipment 47,350 TOTAL ASSETS 55,275 LIABILITIES AND EQUITY Interest payable 750 Salaries payable 1,675 Accumulated depreciation 22,500 Note payable (due in 2022) 15,000 Accounts payable 1,385 Income tax payable 575 Dividends (4,000) Retained earnings (INCORRECT!) 2,605 Profit 8,785 Owners' capital 6,000 TOTAL LIABILITIES AND EQUITY 55,275

1) What is the correct amount of current assets? 2) What is the correct amount of long-lived assets?