Consider the following scenario:A small equipment companyis preparing its annual

Consider the following scenario:A small equipment companyis preparing its annual financial statements in anticipation of applying for a loan. During the last week of the year the company received a shipment of inventory but has not paid for it. The invoice indicates thatthe companyowes $5000 for the purchase. The owner Randy Ray has decided to omit this asset and the related liability from the year-end balance sheet reasoning that it is okay because he is omitting both of them which means there is no difference in owners equity.For this assignment you are to address the following:Suggestions for Responding to Peer PostsGrading Criteria% of grade for this assignmentResponse to assignment80%Peer Response (a minimum of 2)20%In your own words please post a response to the Discussion Board and comment on other postings. You will be graded on the quality of your postings.For assistance with your assignment please use your text Web resources and all course materials.Unit Materials