Problem #3- This problem is worth 15 points. You must use an Excel spreadsheet for your answer. Axion Corporation Balance Sheet December 31, 202X Assets Cash Accounts receivable Land, building & equipment Prepaid expenses Patent Inventory $ 32,500 174,175 540,000 14,000 17,000 50,000 Total Assets $ 827,675 Liabilities and Owners' Equity Accounts payable Mortgage payable Taxes payable Unearned revenue Common stock Retained earnings $ 54,300 150,000 40,000 11,000 50,000 522,375 Total Liabilities and Owners' Equity $ 827,675 The books have been closed for the year. Any changes in revenues or expenses will be adjusted to Retained Earnings. Required: Based on the information above, and the information below, prepare IN GOOD FORM: Additional information for consideration as adjusting entries: 1) Cash included a customer's check in the amount of $2,000 that was deposited on December 28th, but was returned marked NSF on January 4th, the following year. The customer has gone out of business and cannot be located. 2) It is estimated at 5% of the receivables will be uncollectible. 1) Adjusting journal entries to correct the balance sheet errors and/or reclassification entries. Use Sheet 1 for the adjusting entries. 2) A corrected and classified balance sheet. Use Sheet 2 for this. Use the following categories: Current assets; Property, plant & equipment; Other Assets, Current liabilities, Long-Term Debt and Stockholders' equity. 3) Compute the following: a) Current Ratio b) Debt Ratio C) Asset Turnover