The balance sheet of Blossom Book Shop at April $30,2024,$ is as follows:

A professional real estate appraiser estimated the value of the land at $$48,010.$ The actual cost of the land was $$34,000.$

know how much he was owed by each customer in the currency they would likely pay him with anyway.

Dryfuss reasons that equipment is a liability because it will cost him money in the future to maintain these items.

Dryfuss reasons that the note payable must be an asset because getting the loan was good for the business. If he had not obtained the loan, he would not have been able to purchase the land and buildings.

Dryfuss believes that his capital account is also an asset. He has invested in the business, and investments are assets; therefore his capital account is an asset.

$($b$)$

Prepare a corrected balance sheet for Blossom Book Shop at April $30.($Hint: The capital account may need to be adjusted in order to balance.