Sheffield Corp. was formed on January 1, 2017. At December 31, 2017, Miko Liu, the president and sole stockholder, decided to prepare a balance sheet, which appeared as follows. Assets Cash Sheffield Corp. Balance Sheet December 31, 2017 Liabilities and Stockholders' Equity $26,400 Accounts payable $39,600 66,000 Notes payable 19,800 47,520 Boat loan 29,040 31,680 Stockholders' equity 84,480 Accounts receivable Inventory Boat Miko willingly admits that she is not an accountant by training. She is concerned that her balance sheet might not be correct. She has provided you with the following additional information. 1. The boat actually belongs to Miko, not to Sheffield Corp.. However, because she thinks she might take customers out on the boat occasionally, she decided to list it as an asset of the company. To be consistent, she also listed as a liability of the corporation her personal loan that she took out at the bank to buy the boat. 2. The inventory was originally purchased for $33,000, but due to a surge in demand Miko now thinks she could sell it for $47,520. She thought it would be best to record it at $47,520. 3. Included in the accounts receivable balance is $13,200 that Miko loaned to her brother 5 years ago. Miko included this in the receivables of Sheffield Corp. so she wouldn't forget that her brother owes her money. (b) Provide a corrected balance sheet for Sheffield Corp.. (Hint: To get the balance sheet to balance, adjust stockholders' equity.) (List assets in order of liquidity.) Sheffield Corp. Balance Sheet Assets $ + Liabilities and Stockholders' Equity $ $