Accounting, Analysis, and Principles Early in January 2018, Vaughn Company is preparing for a meeting with its bankers to discuss a loan request. Its bookkeeper provided the following accounts and balances at December 31, 2017. Debit Credit Cash Accounts Receivable (net) Inventory Equipment (net) Patents Notes and Accounts Payable Notes Payable (due 2019) Common Stock Retained Earnings $ 74,440 41,060 70,866 87,750 14,490 57,140 70,610 93,500 67,356 $288,606 $288,606 Except for the following items, Vaughn has recorded all adjustments in its accounts. 1. Cash includes $500 petty cash and $15,420 in a bond sinking fund. 2. Net accounts receivable is comprised of $54,570 in accounts receivable and $13,510 in allowance for doubtful accounts. 3. Equipment had a cost of $115,060 and accumulated depreciation of $27,310 4. On January 8, 2018, one of Vaughn' customers declared bankruptcy. At December 31, 2017, this customer owed Vaughn $9,240. (a) Prepare a corrected December 31, 2017, balance sheet for Vaughn Company. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Buildings and Equipment.) OMPA