Exercise 2.2 (Algo) Preparing a Balance Sheet (LO2-4) The night manager of Willis 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 Assets Capital stock Retained earnings Cash Building Automobiles WILLIS TRANSPORTATION SERVICE Manager's Report 8. PM Thursday Owners' Equity $ 93,000 Accounts receivable 70,000 Notes payable 70,000 Supplies 100,000 Land 175,000 Accounts payable $ 500,000 79.000 284,000 13,000 71,000 61,000 $588,000 Prepare a corrected balance sheet