The Following Balance Sheet Contains Errors $\quad$ $\quad$

The following balance sheet contains errors.
$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\text { Mark Brock Services Co. }$
$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\text { Balance Sheet }$
$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\text { For the Year Ended December } 31$

$\begin{array}{l}\hline \begin{array}{lll} \underline {\text { Assets }}\\\text { Current assets: }\\\text { Cash } & \$ 7,170 \\\text { Accounts payable } & 7,500 \\\text { Supplies } & 2,590 \\\text { Prepaid insurance } & 800 \\\text { Land } & \underline { 24,000} \\\text { Total current assets }&& \$ 42,060\end{array} \quad \quad \quad \quad\begin{array}{lll} \underline {\text { Liabilities }}\\\text { Current liabilities: }\\\text { Accounts receivable } & \$ 10,000 \\\text { Accum. depr.-building } & 12,525 \\\text { Accum. depr.-equipment } & 7,340 \\\text { Net income } & \underline {11,500 }\\\\\text { Total liabilities }&&\$ 41,365\end{array}\end{array}$


$\begin{array}{l}\begin{array}{lll}\\ \text { Property, plant, and } \\ \text { equipment: } \\ \text { Building}& \$ 43,700 \\ \text {Equipment} & \underline {29,250} \\ \text { Total property, plant, } \\ \text {and equipment } && \underline {72,950} \\\\ \text {Total assets } && \underline { \$ 131,510 } \\\end{array} \quad \quad \quad \quad \begin{array}{lll}\underline {\text { Stockholders' Equity }} \\\text { Wages payable } & \$ 1,500 \\\text { Common stock } & 86,645 \\\text { Retained Earnings } &\underline { 2,000}\\\\ \text { Total stockholders' equity } &\underline {90,145 }\\ \text {Total liabilities and } \\ \text { stockholders' equity } &\underline { \$ 131,510}\\\end{array}\end{array}$
a List the errors in the balance sheet above and b prepare a corrected balance sheet.