The following balance sheet of Bennett Company for fiscal 2010 contains several errors. Identify and determine how to correct each error.

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BENNETT COMPANY Statement of Finances For the Period Ending March 31, 2010 Debits Current assets: Cash Accounts receivable, net Prepaid rent S 12,000 29,000 6,000 47,000 Total current assets Long-term assets: Land Patents, net Inventory Buildings Investment in Durk bonds Discount on bonds payable Diamond mine S 50,000 45,000 75,000 280,000 59,000 20,000 261,000 $790,000 $837,000 Total long-term assets Total assets Credits Current liabilities Accounts payable Note payable, due June 1, 2010 Income tax payable 35,000 50,000 28,000 $1 13,000 Total current liabilities Long-tem liabilities: Accunulated depreciation, buildings Mortgage payable Accumulated depletion Bonds payable 32,000 65,000 26,000 250,000 $373,000 Total long-term liabilities Owners' equity: Common stock Additional paid-in capital Retained earnings Treasury stock $200,000 125,000 51,000 25,000 $401,000 $887,000 Total owners' equity Total liabilities and owners' equity