Exercise 5-6 The bookkeeper for Marin Company has prepared the following balance sheet as of July 31, 2020. Sn Cash Accounts receivable (net) Inventory Equipment (net) Patents MARIN COMPANY BALANCE SHEET AS OF JULY 31, 2020 $ 73,030 Notes and accounts payable 44,530 Long-term liabilities 64,030 Stockholders' equity 84,000 21,000 $286,590 $ 48,030 79,030 159,530 $286,590 The following additional information is provided. 1. Cash includes $1,200 in a petty cash fund and $12,950 in a bond sinking fund. 2. The net accounts receivable balance is comprised of the following two items: (a) accounts receivable $48,030 and (b) allowance for doubtful accounts $3,500. 3. Inventory costing $5,323 was shipped out on consignment on July 31, 2020. The ending inventory balance does not include the consigned goods. Receivables in the amount of $5,323 were recognized on these consigned goods. 4. Equipment had a cost of $116,030 and an accumulated depreciation balance of $32,030. 5. Income taxes payable of $6,000 were accrued on July 31. Marin 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. Prepare a corrected classified balance sheet as of July 31, 2020, from the available information, adjusting the account balances using the additional information. (List Current Assets in order of liquidity) MARIN COMPANY Balance Sheet Assets UUUUUUU Liabilities and Stockholders' Equity u Click if you would like to Show Work for this question: Open Show Work