Problem #1 Your classmate, Huining Mu, recently began work as the lead accountant for the Tejon Land Company, Inc. Huining prepared the following balance sheet for December 31, 2019: Tejon Land Company, Inc. Balance Sheet For the Year Ended December 31, 2019 Assets Land Accounts payable Accounts receivable Cash Common Stock Total assets 100,000 10,000 12,500 10,000 115,000 247,500 Liablilities Equipment Retained earnings Wages payable Total liabilities 125,000 120,000 2,500 247,500 Required: Write a brief memo to Huining Mu explaining the errors in the Tejon Land Company, Inc. balance sheet and the correct presentation for the balance sheet