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Correction of wrongly stated balance sheet.
Correct the following balance sheet.
Canfield Corporation Balance Sheet December 31, 2006
Assets
Liabilities and Owners' Equity
Cash
$55,000
Buildings
$325,000
Accounts payable
65,000
Accounts receivable
75,000
Interest receivable
2,0000
Mortgage payable
15,0000
Capital stock
2,00000
Sales revenue
35,0000
Rent expense
6,0000
Equipment
85,000
Retained earnings
145,000
Utilities expense
5,000
Total assets
$545,000
Total liabilities and owners' equity
$99,0000
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