Skysong, Inc. 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. Skysong, Inc. Balance Sheet December 31, 2017 Assets Liabilities and Stockholders Equit Cash Accounts receivable Inventory Boat $22,000 Accounts payable 55,000 Notes payable 39,600 Boat loan 26,400 Stockholders' equity $33,000 16,500 24,200 70,400 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 Skysong, Inc..Howver, 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 $27,500, but due to a surge in demand Miko now thinks she could sell it for $39,600. She thought it would be best to record it at $39,600. 3. Included in the accounts receivable balance is $11,000 that Miko loaned to her brother 5 years ago. Miko included this in the receivables of Skysong, Inc. so she wouldn't forget that her brother owes her money. (b) Provide a corrected balance sheet for Skysong, Inc.. (Hint: To get the balance sheet to balance, adjust stockholders' equity.) (List assets in order of liquidity.) Skysong, Inc. Balance Sheet Assets Liabilities and Stockholders' Equity