The following trial balance was prepared by Vantage Electronics Corporation, a Canadian private enterprise, as of 31 December 20X5. The adjusting entries for 20X5 have been made, except for any related to the specific information noted below. Vantage Electronics Trial Balance 31 December 20X5 Cash $ 13,000 Accounts receivable 13,000 Inventories 10,000 Equipment 18,000 Land 4,300 Building 6,840 Prepaid expenses 980 Accounts payable $ 4,300 Note payable, 11% 10,800 Share capital, 2,510 shares outstanding 24,300 Retained earnings 26,720 Totals $ 66,120 $ 66,120 Other information: You find that certain errors and omissions are reflected in the trial balance below: The $13,000 balance in accounts receivable represents the entire amount owed to the company; of this amount, $11,800 is from trade customers and 5% of that amount is estimated to be uncollectible. The remaining amount owed to the company represents a long-term advance to its president. Inventories include $1,300 of goods incorrectly valued at double their cost (i.e., reported at $2,600). No correction has been recorded. Office supplies on hand of $700 are also included in the balance of inventories. When the equipment and building were purchased new on 1 January 20X0 (i.e., six years earlier), they had estimated lives of 10 and 25 years, respectively. They have been amortized using the straight-line method on the assumption of zero residual value, and depreciation has been credited directly to the asset accounts. Amortization has been recorded for 20X5. The balance in the land account includes a $1,500 payment made as a deposit on the purchase of an adjoining tract. The option to buy it has not yet been exercised and probably will not be exercised during the coming year. The interest-bearing note dated 1 April 20X5 matures 31 March 20X6. Interest on it has not been recorded for 20X5. 1-a. Prepare a balance sheet. (List accounts in order of their liquidity.) 1-b. Calculate the ending balance in retained earnings.