Simpsons Corporation Statement of Earnings Year Ended December 31, 2018 Sales revenue Operating expenses $265,000 $143,600 Land Vehicles 56,900 Amortization expense 12,850 Goodwill 3,300 Supplies expense Total operating expenses Earnings before taxes Income tax expense Net income 1,970 218,620 $ 46,380 7,640 $ 38,740 Simpsons Corporation Statement of Changes in Equity Year Ended December 31, 2018 Retained earnings, January 1, 2018 Add: Net income Deduct: Common shares Retained earnings, December 31, 2018 $31,675 38,740 7,500 $62,915 Statement of Financial Position December 31, 2018 Assets Cash $ 5,010 Cash $ 5,010 Total cash 2$ Accounts receivable 655 Dividends declared 15,000 Cost of goods sold 100,000 Patent 4,500 Total current assets 120,155 Long-term investments Notes receivable (due January 2018) $ 23,300 Prepaid insurance Total long-term investments Capital assets Buildings 41,000 64,300 $ 70,000 150,000 Trademark Supplies Total capital assets Intangible assets Copyright Total assets 500 220,500 85,600 $496,465 Total assets $496,465|| Liabilities and Shareholders' Equity Liabilities Current liabilities Accounts payable Notes payable (due October 31, 2019) 600 17,450 Salaries payable 8,500 $ 26,550 Total current liabilities Long-term liabilities Loan payable (due June 15, 2019) $ 50,000 Mortgage payable (due February 28, 2031) 200,000 Accumulated amortization - 35,000 buildings Inventory Total long-term liabilities 100,000 385,000 $ 10,000 Unearned revenue Shareholders' equity $ 12,000 Preferred shares, 12,000 shares Retained earnings Total shareholders' equity Total liabilities and shareholders' equity 62,915 84,915 $496,465 Complete the table below by identifving the accounts which are Complete the table below by identifying the accounts which are reported incorrectly on the financial statements of Simpsons Corporation. Identify the account title and its correct classification. One error is identified and correctly entered for you. Identify 12 additional errors. Note: Once you click in the table below, you can drag the dotted triangle at the bottom right corner of the text editor window to make it bigger. If you accidentally delete the below table, you can add a new one using the rich-text editor, or try to make your answer as clear as possible using paragraphs and spaces. B I U Format Account Title Correct Classification Vehicles Capital asset