Early in January 2021, Cullumber 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, 2020.

		Debit			Credit
Cash		$	70,190
Accounts Receivable (net)			40,000
Inventory			67,650
Equipment (net)			92,230
Patents			15,750
Accounts Payable					$	52,380
Notes Payable (due 2022)						73,150
Common Stock						96,500
Retained Earnings						63,790
		$	285,820		$	285,820

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

1.		Cash includes $500 petty cash and $14,500 in a bond sinking fund.
2.		Net accounts receivable is comprised of $52,940 in accounts receivable and $12,940 in allowance for doubtful accounts.
3.		Equipment had a cost of $121,240 and accumulated depreciation of $29,010.
4.		On January 8, 2021, one of Cullumber customers declared bankruptcy. At December 31, 2020, this customer owed Cullumber $8,740.

(a) Prepare a corrected December 31, 2020, balance sheet for Cullumber Company. (List Current Assets in order of liquidity.)

CULLUMBER COMPANY Balance Sheet Assets Liabilities and Stockholders' Equity $