One client had indicated that they were interested in purchasing $35,500 worth of products. However, the client has not actually committed to the...

One client had indicated that they were interested in purchasing $35,500 worth of products. However, the client has not actually committed to the purchase.The bookkeeper may have made a mistake when computing cost of good sold. She included total production costs for 2011 and did not adjust ending inventory for the $35,500 worth of units left at the end of the year. The amount of ending inventory was determined using a physical count. Additional information for module 3:The company made a secondary offering of stock and raised an additional $250,000.The company had already paid $24,000 in dividends before deciding on the offering.The company now has cash to invest in a piece of raw land on which to build in the future. The investment takes place before year end. The cost of the land is $500,000, the downpayment is $50,000 and a note to the bank covers the rest.Nybrostrand Company31-Dec-11Trial Balance (accounts in alphabetical order)Debit CreditAccounts payable 67,000Accounts receivable 24,500Cash 16,700Common stock 10,000Depreciation expense 24,350Cost of goods sold 254,000Equipment (net of depreciation) 425,000Insurance 1,400Inventory 25,000Long-term debt 145,000Marketing 4,500Paid-in capital 90,000Property taxes 8,900Rent 18,000Retained earningsRevenues 456,000Salaries 67,500Utilities 6,700Total 876,550 768,000Prepare a balance sheet for the company in good format. Update the balance sheet for the changes to income in module 2 and also consider the effect of paying the dividend. You do not need to include the income statement.