Blossom Corporation, a private corporation, was formed on July1, 2018. On July 31, Guy Gélinas, the company’s president, preparedthe following statement of financial position:

BlossomCorporation Statement of Financial Position July 31, 2018
Assets				Liabilities and Shareholders’ Equity
Cash		$25,000		Accounts payable		$46,000
Accounts receivable		52,000		Boat loan payable		40,000
Inventory		34,000		Common shares		47,000
Boat		26,000		Retained earnings		4,000
		$137,000				$137,000

Guy admits that his knowledge of accounting is somewhat limited andis concerned that his statement of financial position might not becorrect. He gives you the following additionalinformation:

1.		The boat actually belongs toGuy Gélinas, not to Blossom Corporation. However, because Guythinks he might take customers out on the boat occasionally, hedecided to list it as an asset of the company. To be consistent, healso included as a liability of the company the personal bank loanthat he took out to buy the boat.
2.		Included in the accountsreceivable balance is $10,000 that Guy personally loaned to hisbrother 5 years ago. Guy included this in the receivables ofBlossom Corporation so that he wouldn’t forget that his brotherowes him money.
3.		Guy’s statements didn’tbalance. To make them balance, he adjusted the Common Sharesaccount until assets equalled liabilities and shareholders’equity.

Prepare a corrected statement of financial position.(Hint: To get the balance sheet to balance, adjust CommonShares). (List Assets in order ofliquidity.)