You and your friend Shirley from ACC$100$ have been studying for the final exam. Shirley is very uncertain about the structure of the balance sheet and shows you a practice balance sheet, provided below. Shirley could not get the balance sheet to balance. You are told that the retained earnings amount was changed to make the assets equal the liabilities plus equity BUT you both know the retained earnings number is WRONG! You see right away that there are several errors on the statement. Because you are good friends, you decide to produce for Shirley a balance sheet in good form using the correct format AND with the correct retained earnings amount.REQUIRED $-$ Answer the questions below with the numbers that would appear on a CORRECT balance sheet. You might find it helpful to create your own balance sheet first. The questions can be answered in any order. Some answers might be $0$ if so$,$ enter that.Wonderful Computer Systems Ltd$.$Balance SheetYear ending December $31,2021$ASSETS Cash $11,250$ Office supplies $1,575$ Prepaid insurance $1,800$ Inventory $4,550$ Accounts receivable $10,875$ Prepaid rent $1,200$ Deferred revenue $3,500$ Equipment $87,500$ TOTAL ASSETS $122,250$ LIABILITIES AND EQUITY Interest payable $2,500$ Salaries payable $5,750$ Accumulated depreciation $27,500$ Note payable $($due in $2025)25,000$ Accounts payable $1,775$ Income tax payable $3,500$ Dividends $(6,000)$ Retained earnings $($INCORRECT$!)15,225$ Profit $12,000$ Owners capital $35,000$ TOTAL LIABILITIES AND EQUITY $122,250$ What is the correct heading for this statement? $(1$ point$)$Multiple choice $1$ Question $2$Wonderful Computer Systems Ltd$.,$ Year ended December $31,2021,$ Balance Sheet The current title is correct. Wonderful Computer Systems Ltd$.,$ Balance Sheet, December $31,2021$ Balance Sheet, Wonderful Computer Systems Ltd$.,$ Year ended December $31,2021$ Balance Sheet, December $31,2021,$ Wonderful Computer Systems Ltd$.$December $31,2021,$ Balance Sheet, Wonderful Computer Systems Ltd$.$ What is the correct amount of retained earnings? $(2$ points$)$Answer $1$ Question $2$ What is the correct amount of current assets? $(2$ points$)$Answer $2$ Question $2$ What is the correct amount of long$-$lived assets? $(2$ points$)$Answer $3$ Question $2$ What is the correct amount of current liabilities? $(2$ points$)$Answer $4$ Question $2$ What is the correct amount of long$-$term liabilities? $(2$ points$)$Answer $5$ Question $2$ What is the correct amount of total equity? $(2$ points$)$Answer $6$ Question $2$ What is the correct amount of total assets? $(2$ points$)$Answer $7$ Question $2$ What is the correct amount of total liabilities? $(2$ points$)$Answer $8$ Question $2$