On December 31, 2008 Tie One On reported net income for the year of $265,000 and the following account balances:
- Cash: $175,000
- Accounts receivable: $21,000
- Prepaid rent: $6,000
- Equipment and furnishings: $230,000
- Accumulated Depreciation-equipment and furnishings: ($43,000)
- Accounts payable: $13,000
- Owners' equity (including net income of $265,000): $337,000
After this information was -prepared, the bookkeeper discovered that they failed to prepare two adjusting entries. These were not reflected in the balances shown. Here is the information on these two entries:
1. The prepaid rent account was paid on April 1, 2008 for one year for $6,000. The account has not been adjusted since.
2. A bill received in January 2009 for utilities incurred in December 2008 for $1,400 was mistakenly not entered into the system.
Calculate the year-end corrected balances for the following three accounts: Assets, liabilities, and equity.