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	$	10,000
Accounts receivable		10,000
Inventories		7,000
Equipment		17,600
Land		5,600
Building		5,890
Prepaid expenses		860
Accounts payable				$	3,710
Note payable, 8%					12,000
Share capital, 2,504 shares outstanding					24,000
Retained earnings					17,240
Totals	$	56,950		$	56,950

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, $8,600 is from trade customers and 6% 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 $1,100 of goods incorrectly valued at double their cost (i.e., reported at $2,200). No correction has been recorded. Office supplies on hand of $700 are also included in the balance of inventories. c. 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. d. The balance in the land account includes a $1,400 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. Required: 1. Prepare a balance sheet. (List accounts in order of their liquidity.)