Restate the current assets and current liabilities sections of the balance sheet in accordance with good accounting practice.

The current assets and current liabilities sections of the balance sheet of Sunland Co. appear as follows. Cash Accounts receivable Less: Allowance for doubtful accounts Inventory Prepaid expenses Total current assets Sunland Co. Balance Sheet (Partial) As of December 31, 2017 $17,900 Accounts payable $39,600 Notes payable 3,200 36,400 Unearned revenue 61,100 Total current liabilities 7,400 $122,800 $29,500 15,400 3,800 $48,700 The following errors in the corporation's accounting have been discovered: 1. Keane collected $5,200 on December 20, 2017 as a down payment for services to be performed in January, 2018. The company's controller recorded the amount as revenue. 2. The inventory amount reported included $2,300 of merchandise that had been received on December 31, 2017 but for which no purchase invoices had been received or entered. Of this amount, $1,600 had been received on consignment; the remainder was purchased f.o.b. destination, terms 2/10, n/30. 3. Sales for the first day in January 2018 in the amount of $11,100 were entered in the sales journal as of December 31, 2017. Of these, $7,000 were sales on account and the remainder were cash sales. 4. Cash, collected in December 2017, but entered as received in January 2018 totaled $2,400. Of this amount, $2,254 was received on account after cash discounts of 2% had been deducted; the remainder was collected for cash sales. 5. Cash of $4,000 received in January 2018 was entered as received in December 2017. This cash represented the proceeds of a bank loan that matures in July 2018. 6. January 2018 cash disbursements entered as of December 2017 included payments of accounts payable in the amount of $7,000, on which a cash discount of 1% was taken. Calculate the following adjusted balances. Cash $ Accounts Receivable $ $ Inventory Accounts Payable $ Notes Payable $ Unearned Revenue $ SUNLAND COMPANY Balance Sheet (Partial) Asset $ $ Liabilities and Stockholders' Equity $ State the net effect of your adjustments on Sunland's retained earnings balance. to retained earnings $