2.The bookkeeper for Geronimo Company has prepared the following balance sheet as of July 31, 2020. GERONIMO COMPANY BALANCE SHEET DECEMBER 31, 2017 Cash $ 69,000 Notes and accounts payable $44,000 Accounts receivable (net) 40,500 Long-term liabilities 75,000 Inventories 60,000 Stockholders' equity 155,500 Equipment (net) 84,000 $274.500 Patents 21.000 $274.500 The following additional information is provided. 1. Cash includes $1,200 in a petty cash fund and $15,000 in a bond sinking fund. 2. The net accounts receivable balance is comprised of the following three items: (a) accounts receivable debit balances $52,000; (b) accounts receivable-credit balances $8,000; (c) allowance for doubtful accounts $3,500. 3. Merchandise inventory costing $5,300 was shipped out on consignment on July 31, 2020. The ending inventory balance does not include the consigned goods. Receivables in the amount of $5,300 were recognized on these consigned goods. 4. Equipment had a cost of $112,000 and an accumulated depreciation balance of $28,000. 5. Taxes payable of $6,000 were accrued on July 31. Geronimo Company, however, had set up a cash fund to meet this obligation. This cash fund was not included in the cash balance, but was offset against the taxes payable amount. Instructions Prepare a corrected classified balance sheet as of July 31, 2020, from the available information adjusting the account balances using the additional information.