P$1-5$C$.$ While Jon Lune was on a business trip, he asked Abby Simpson, the bookkeeper for Lune Co$.,$ to try to complete a balance sheet for the year ended December $31,20$X$1.$ Abby, who had been on the job only two months, submitted the following:

The balance sheet is as follows.

$1.$ Using Problem $1-5$C Worksheet, help Abby fix and complete the balance sheet.

$2.$ What written recommendations would you make about the bookkeeper?

$3.$ 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 payable for the balance. Prepare an updated balance sheet. Assume that these two transactions occurred on January $4$ of the next year, $20$X$2.$