Check my work The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant. In reviewing the statement you notice several errors. LOS GATOS CORPORATION Balance Sheet At December 31, 2021 Assets Cash $ 66,000 Accounts receivable 119,000 Inventory 68,000 Machinery (net) 133,000 Franchise (net) 43,000 Total assets $ 429,000 Liabilities and Shareholders' Equity Accounts payable 76,000 Allowance for uncollectible accounts 18,000 Notes payable 81,000 Bonds payable 123,800 Shareholders' equity 131,080 Total liabilities and shareholders' equity $ 429,000 $ Additional Information: 1. Cash includes a $33,000 restricted amount to be used for repayment of the bonds payable in 2025. 2. The cost of the machinery is $216,000. 3. Accounts receivable includes a $33.000 notes receivable from a customer due in 2024. 4. The notes payable balance includes accrued interest of $18,000. Principal and interest are both due on February 1, 2022 5. The company began operations in 2016. Net income less dividends since inception of the company totals $48.000. 6. 63,000 shares of no par common stock were issued in 2016. 100,000 shares are authorized