The manager of XYZ Inc. Meera, prepared the company's balance sheet while the accountant was ill. The balance sheet contains some errors. Meera knew that the balance sheet should balance, so she plugged in the stockholders' equity amount needed to achieve this balance. The stockholders' equity amount is not accurate. All other amounts are correct. Assets Cash...... Equipment... Accounts payable Utilities expense Advertising expense...... Land................ Salary expense... Image Runner, Inc. Balance Sheet Month Ended October 31, 20X8 Liabilities $ 9,100 Notes receivable .......... .... $ 14,000 36,700 Interest expense... 2,000 3,000 Office supplies...... 800 2,100 Accounts receivable....... 2,600 300 Note payable........... 50,000 80,500 Total ......... 69,400 3,300 Stockholders' Equity Stockholders' equity 65,600 $135,000 Total liabilities $135,000 Total assets........... Required (5 marks) 1. Prepare the accurate balance sheet and date it properly. Calculate total assets, total liabilities, and stockholders' equity. 2. Is XYZ in better (or worse) financial position than the incorrect balance sheet reports? Give the reason for your answer. (Challenge) 3. Identify the accounts listed on the incorrect balance sheet that should not be reported on the balance sheet. State why you omitted them from the correct balance sheet you prepared for Requirement 1. On which financial statement should these accounts appear