Page Four Part 2- Problem #2- This problem is worth 5 points. You may use the space below or do it on the next page. It will be hard to "line" everything up because you're going to add lines, and change the account names, etc. but, do your best! Happy Times, Inc., a supplier of party supplies, prepared the financial statement presented below on December 31, 200X. Even though you've only had a few weeks of accounting classes, you can tell that this statement contains a number of errors, including it's heading, and the accounts are not listed under their proper category. Required: Prepare a corrected statement, including a proper heading, and the totals and sub-totals for the assets, liabilities and owner's equity. Happy Times, Inc. Assets, Liabilities and Equity Accounts receivable $40,000 Capital stock 35,000 Inventory 55,000 Notes payable 25,000 Totals $155,000 Equipment Retained earnings Cash Accounts payable Totals $32,500 75,000 27,500 20.000 $155.000 Bonus Point: As a potential creditor, would you consider extending credit to this company? Explain