(0) Sorenson Manufacturing Corporation was incorporated on January 3, 2019. The corporations financial statements for its first years operations were not examined by a CPA. You have been engaged to audit the financial statements for the year ended December 31, 2020, and your work is substantially completed. A partial trial balance of the companys accounts follows: SORENSON MANUFACTURING CORPORATION Trial Balance at December 31, 2020 Debit Credit Cash $ 11,000 Accounts receivable 42,500 Allowance for doubtful accounts $ 500 Inventories 38,500 Machinery 75,000 Equipment 29,000 Accumulated depreciation 10,000 Patents 85,000 Leasehold improvements 26,000 Prepaid expenses 10,500 Organization expenses 29,000 Goodwill 24,000 Licensing Agreement No. 1* 50,000 Li