Purpose For this assignment, students will be responsible for explaining the purpose of a balance sheet and preparing a corrected balance sheet. Instructions (Problem TIF 4-3 Warren, Reeve & Duchac 14E) Your friend Daniel Nat recently began work as the lead accountant for the Asheville Company. Dan prepared the following balance sheet for December 31, 2018: Asheville Company Balance Sheet For the Year Ended December 31, 2018 Assets: Land $100,000 10,000 Accounts payable Accounts receivable Cash 12,500 10,000 Common stock 115,000 Total Assets $247,500 Liabilities: $125,000 120,000 Equipment Retained earnings Wages payable Total Liabilities 2,500 $247,500 Directions 1. Write a one paragraph letter to Daniel explaining the errors in the Balance Sheet. A paragraph is at least four sentences. Please use correct grammar and full sentences. Please do not copy and paste sentences directly from the textbook (use your own words). 2. Prepare a corrected Balance Sheet