Directions: Complete the problem below. IMPORTANT: Follow additional information 1,2,4,5. EXCLUDE 3 from the question. Complete the problem as if 3 was not in the exercise. Instructions Prepare a revised balance sheet given the available information. Assume that the accumulated depreci- ation balance for the buildings is $160,000 and for the equipment, $105,000. The allowance for doubtful accounts has a balance of $17,000. The pension obligation is considered a long-term liability E5.6 (L01, 2) (Corrections of a Balance Sheet) The bookkeeper for Geronimo Company has pre pared the following balance sheet as of July 31, 2020. Cash Accounts receivable (net) Inventory Equipment (net) Patents Geronimo Company Balance Sheet As of July 31, 2020 $ 69,000 Notes and accounts payable 40,500 Long-term liabilities 60.000 Stockholders' equity 84,000 21,000 $274.500 $ 44,000 75.000 155,500 $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 two items: (a) accounts receivable $44,000 and (b) allowance for doubtful accounts $3,500. 3. 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. Income 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 income taxes payable amount