The night manager of Wong Transportation Service, who had no accounting background, prepared the following balance sheet for the company at February 28, current year. The dollar amounts were taken directly from the company’s accounting records and are correct. However, the balance sheet contains a number of errors in its headings, format, and the classification of assets, liabilities, and owners’ equity.

Prepare a corrected balance sheet. Include a proper heading.

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Assets Capital Stock.. Retained Earnings Cash Building Automobiles WONG TRANSPORTATION SERVICE MANAGER'S REPORT 8 P.M. THURSDAY $110,400 74,400 94,800 96,000 198,000 $573,600 Owners' Equity Accounts Receivable Notes Payable.... Supplies Land Accounts Payable $ 84,000 345,600 16,800 84,000 43,200 $573,600