The balance sheet of Ivanhoe Book Shop at April 30, 2024, is as follows: Charles Dryfuss, the owner of the book shop, admits that he is not an accountant. In fact, he couldn' 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 estirnated the value of the land at $50,740. The actual cost of the land was $37,470. 2. Accounts receivable includes amounts due from customers in China for 34,720 yuan, which is about $4,960 Canadian. Dryfuss didn't know how to convert the currency for reporting purposes so he added the 3 ..720 yuan to the $2.650 due from Canadian customers. He thought it more important to know how much he was owe theich 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 futuis agiuainain these items. 4. Dryfuss reasons that the note payable must be an asset because getting the loan was coceigs the business, if he had not obtained the loan, he would not have been able to purchase the land and building. 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. Liabilities and Owner's Equity Liabilities 5