Wildhorse Corporation was formed on January 1, 2027. At December 31, 2027, Laura Hall, the president and sole stockholder, decided to prepare a balance sheet, which appeared as follows. Wildhorse Corporation Balance Sheet December 31, 2027 Assets Liabilities and Stockholders' Equity Cash $24.400 Accounts payable $36.600 Accounts receivable 61,000 Notes payable 18,300 Inventory 43,920 Boat loan 26,840 Boat 29,280 Stockholders' equity 76.860 Laura willingly admits that she is not an accountant by training. She is concerned that her balance sheet might not be correct. She has provided you with the following additional information. 1. 2. 3. The boat actually belongs to Laura, not to Wildhorse Corporation. However, because she thinks she might take customers out on the boat occasionally, she decided to list it as an asset of the company. To be consistent, she also listed as a liability of the corporation her personal loan that she took out at the bank to buy the boat. The inventory was originally purchased for $30,500, but due to a surge in demand Laura now thinks she could sell it for $43,920. She thought it would be best to record it at $43,920. Included in the accounts receivable balance is $12,200 that Laura