List the errors you find in the following balance sheet. Prepare a corrected balancesheet.

Eucalyptus Services Co. Balance Sheet For the Year Ended July 31, 2008 Assets Liabilities Current assets: Current liabilities: Cash Accounts payable Supplies Prepaid insurance Land 5,280 6,790 1,650 4,800 60,000 13,750 86,700 Accounts receivable Accum. depr-building Accum. depr equipment 18,480 Net income 25,000 Total liabilities $143,930 Total current assets 78,520 Property, plant, and equipment: Building Equipment Owner's Equity $156,700 43,000 Wages payable Sydney Kitchel, capital Total owner's equity $1,340 171,870 73,210 Total property, plant, and equipmet 238,620 Total labilities and 5317,140 owner's equity Total assets $317,140