30 poinst Stipoid wetook 8 5 Paferectos LOS GATOS CORPORATION Balance Sheet At December 31.2024 Assets Current assets: \begin{tabular}{|l|r|} \hline Cosh & \\ \hline Acoounts receivable & 70,000 \\ \hline Alowance for uncolectible accounts & (10,000) \\ \hline \end{tabular} Net acoounts recervable \begin{tabular}{|l|l|} \hline Inventory & \\ \hline & \\ \hline & \\ \hline \end{tabular} Net property, plant, and equipmont Imangibie assetr: Franchise (net) Otner assets: Noles recoivabie Tolal assets Liabilities and Shareholders' Equity Current liabildies: Current liabilities: The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant. In reviewing the statement you notice several errors. Additional information: 1. Cosh includes a $25,000 restricted omount to be used for repayment of the bonds payable in 2028. 2. The cost of the machinery is $200,000 3. Accounts receivable includes a $25,000 notes receivable from a customer due in 2027 4. The notes payable balance includes accrued interest of $10,000. Principal and interest are both due on February 1,2025. 5. The company began operations in 2019 . Net income less dividends since inception of the company totals $40,000 6. 55,000 shares of no par common stock were issued in 2019,200,000 shares are authorized. Required: Prepare a corrected, classified balance sheet. Use the additional information to help determine appropriate classifications and account belances. The cost of machinery and its accumulated depreciation are shown separately. Note: Amounts to be deducted should be indicated by a minus sign