Required: Identify and correct any mistakes with the below Balance Sheet and Income Statement. Mymess Incorporated Balance Sheet 12/31/2020 Assets Current assets Cash Accounts receivable Inventory Prepaid expenses Short-term investments Deferred tax asset 105,000 510,000 850,000 40,000 150,000 75,000 1,730,000 Liabilities Current liabilities Accounts payable Payroll taxes payable Short-term debt Current portion of long-term debt Dividends payable 680,000 55,000 175,000 100,000 20,000 1,030,000 Long-term assets Property plant and equipment Accumulated depreciation Goodwill Other intangibles Treasury stock Noncurrent liabilities Accumulated amortization Long-term debt Other long-term liabilities 1,450,000 (325,000) 145,000 210,000 50,000 1,530,000 22,000 1,200,000 320,000 1,542,000 2,572,000 Total liabilities Total assets 3,260,000 100,000 350,000 Stcokholders' equity Common stock Additional paid-in capital Preferred stock, 6%, $100 par, 1000 shares, redemption date 1/1/25 Retained earnings Noncontrolling interest Total sockholder's equity 100,000 108,000 10,000 668,000 Total liabilities and stocholders' equity 3,240,000 Mymess Incorporated Income Statement Year ending 12/31/2020 Net sales Cost of sales Unrealized gain on inventory Gross profit 3,920,000 2,720,000 (20,000) 1,220,000 Selling and administrative expenses Rent Depreciation and amortization Interest expense Income from operations 620,000 55,000 132,000 275,000 138,000 Other income Gain on sale of building* Allowance for uncolletable accounts Income before taxes 385,000 40,000 563,000 Provision for income taxes Net income 152,010 410,990 * Mymess sold its headquaters buiding to First National Bank for $480,000. The building had an original cost of $225,000 and accumulated derpreciation of $130,000. The company is leasing the building from the bank on a 20 year lease that requires annual rental payments of $35,000