Early in January 2018, Crane 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

$70,060

Accounts Receivable (net)

38,350

Inventory

69,438

Equipment (net)

90,220

Patents

15,630

Notes and Accounts Payable

$55,780

Notes Payable (due 2019)

73,810

Common Stock

95,500

Retained Earnings

58,608

$283,698

$283,698

Except for the following items, Crane has recorded all adjustments in its accounts.

1.

Cash includes $480 petty cash and $16,470 in a bond sinking fund.

2.

Net accounts receivable is comprised of $50,580 in accounts receivable and $12,230 in allowance for doubtful accounts.

3.

Equipment had a cost of $117,720 and accumulated depreciation of $27,500.

4.

On January 8, 2018, one of Crane' customers declared bankruptcy. At December 31, 2017, this customer owed Crane $8,280.

corrected December 31, 2017, balance sheet for Crane Company. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Buildings and Equipment.)