The balance sheet of Crane Book Shop at April 30, 2021, is as follows:

CRANE BOOK SHOP Balance Sheet April 30, 2021
Assets				Liabilities and Owner’s Equity
Building		$104,470		Accounts payable		$ 15,280
Accounts receivable		37,560		Equipment		55,280
C. Dryfuss, capital		85,890		Supplies		1,410
Cash		11,990		"Plug"		343,590
Land		51,850
Notes payable		123,800
		$415,560				$415,560

Charles Dryfuss, the owner of the book shop, admits that he is not an accountant. In fact, he couldn't get the balance sheet to balance without "plugging" the numbers (making up numbers to give the desired result). He gives you the following additional information:

1.A professional real estate appraiser estimated the value of the land at $51,850. The actual cost of the land was $36,880.
2.Accounts receivable include amounts due from customers in China for 31,990 yuan, which is about $4,570 Canadian. Dryfuss didn't know how to convert the currency for reporting purposes so he added the 31,990 yuan to the $5,570 due from Canadian customers. He thought it more important to know how much he was owed by each customer in the currency they would likely pay him with anyway.
3.Dryfuss reasons that equipment is a liability because it will cost him money in the future to maintain these items.
4.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.
5.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 Crane Book Shop on April 30. (Hint: The capital account may need to be adjusted in order to balance.)