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 Accounts receivable Inventories Equipment Land Building Prepaid expenses Accounts payable Note payable, 8% Share capital, 2,516 shares outstanding Retained earnings Totals $10,000 10,000 7,000 16,800 4,900 6,650 950 $ 3,650 12,000 24,000 16,650 $56,300 $56,300 Other information: You find that certain errors and omissions are reflected in the trial balance below: a. The $10,000 balance in accounts receivable represents the entire amount owed to the company; of this amount, $8,900 is from trade customers and 4% of that amount is estimated to be uncollectible. The remaining amount owed to the company represents a long-term advance to its president. b. Inventories include $1,500 of goods incorrectly valued at double their cost (i.e., reported at $3,000). No correction has been recorded. Office supplies on hand of $400 are also included in the balance of inventories. c. When the equipment and building were purchased new on 1 January 20XO (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. d. The balance in the land account includes a $1,100 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. e. The interest-bearing note dated 1 April 20X5 matures 31 March 20X6. Interest on it has not been recorded for 20X5.