he following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant. In reviewing the statement ou notice several errors LOS GATOS CORPORATION Enter your search term Balance Sheet At December 31, 2821 Assets Cash 54,000 Accounts receivable 101,000 Inventory 62,000 Machinery (net) 127,000 Franchise (net) 37,000 Total assets $ 381,000 Liabilities and Shareholders' Equity Accounts payable $ 64,000 Allowance for uncollectible accounts 12,000 Notes payable 69,000 Bonds payable 117,000 Shareholders' equity 119,000 Total liabilities and shareholders equity 381,000 Additional Information 1. Cash includes a $27000 restricted amount to be used for repayment of the bonds payable in 2025 2. The cost of the machinery is $204,000 3. Accounts receivable includes a $27.000 notes receivable from a customer due in 2024 4. The notes payable balance includes accrued interest of $12,000. 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 $42.000 6.57,000 shares of no par common stock were issued in 2016 100,000 shares are authorized