While Jon Lune was on a business trip, he asked Abby Slowe, the bookkeeper for Lune Co., to try to complete a balance sheet for the year ended December 31, 2019. Abby, who had been on the job only two months, submitted the following:

1.?Help Abby fix as well as complete the balance sheet.2. What written recommendations would you make about the bookkeeper? Should she be retained?3. Suppose that (a) Jon Lune invested an additional $20,000 in cash as well as additional desks with a value of $8,000 and (b) Lune Co. bought a car for $6,000, paying $2,000 down and issuing a note for the balance. Prepare an updated balance sheet. Assume that these two transactions occurred on January 4 of the next year.

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LUNE CO. FOR THE YEAR ENDED DECEMBER 31, 2019 Accounts Payable Accounts Receivable Auto Desks $127 6 0 4 00 104 3 3700 $ 44 6 0000 7293500 75 32800 10 01600 Building Land Notes Payable 14 26800 6 82500 $250 0 3 4 0 0 Cash J. Lune, Capital Total Equity $ 50 0 4900