The following trial balance was prepared by Vantage Electronics Corporation, a Canadian private enterprise, as of $31$ December $20$X$5.$ The adjusting entries for $20$X$5$ have been made, except for any related to the specific information noted below.

Vantage Electronics Trial Balance

$31$ December $20$X$5$

Cash $ $19,000$

Accounts receivable $19,000$

Inventories $15,000$

Equipment $23,200$

Land $6,100$

Building $7,220$

Prepaid expenses $1,030$

Accounts payable $ $5,880$

Note payable, $8\%10,800$

Share capital, $2,514$ shares outstanding $23,400$

Retained earnings $50,470$

Totals $ $90,550$ $ $90,550$

Other information:

You find that certain errors and omissions are reflected in the trial balance below:

The $$19,000$ balance in accounts receivable represents the entire amount owed to the company; of this amount, $$17,800$ is from trade customers and $3\%$ 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 $$1,100$ of goods incorrectly valued at double their cost $($i$.$e$.,$ reported at $$2,200).$ No correction has been recorded. Office supplies on hand of $$500$ are also included in the balance of inventories.

When the equipment and building were purchased new on $1$ January $20$X$0($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 $20$X$5.$

The balance in the land account includes a $$1,200$ 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 $20$X$5$ matures $31$ March $20$X$6.$ Interest on it has not been recorded for $20$X$5.$

Required:

$1-$a$.$ Prepare a balance sheet. $($List accounts in order of their liquidity.$)$

$1-$b$.$ Calculate the ending balance in retained earnings.