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Inexperienced Bookkeepers! The Balance Sheet (including notes) presented below has been submitted to you by an inexperienced bookkeeper. Prepare a corrected balance sheet (including notes). Consider formatting, terminology deficiencies, and classification Inaccuracles in your corrections. Foundation Bullders, Inc. Balance Sheet For the Period Ended 12/31/22 Assets Fixed Assets- Tangible Equipment $110,000 Less: reserve for depreciation (40.000 $ 70,000 Factory supplies 22,000 Land and buildings 400,000 Less: reserve for depreciation (150.000) 250,000 Plant site held for future use 90.000 $ 432,000 Current Assets Accounts receivable 175,000 Cash 80,000 Inventory 220,000 Treasury stock (at cost) 20.000 495,000 Fixed Assets-Intangible Goodwill 80,000 Notes receivable 40,000 Patents 26.000 146,000 Deferred Charges Advances to salespersons 60,000 Prepaid rent 27,000 Returnable containers 75.000 162.000 TOTAL ASSETS $125.000 Llables Current Liabilities Accounts payable $140,000 Allowance for doubtful accounts 8,000 Common stock dividend distributable 35,000 Income tax payable 42,000 Sales tax payable 17.000 $ 242,000 Long-term Liabilities, 5% debenture bonds, due 2025 500.000 Reserve for contingencies 150.000 650.000 TOTAL LIABILITIES 892.000 Equity Capital stock, $10 par value, issued 12,000 shares with 60 shares hold as treasury stock $150,000 Capital surplus 90,000 Dividends paid (20,000) Eamed surplus 123.000 TOTAL EQUITY 343.000 TOTAL LIABILITIES AND EQUITY 720 Note 1. The reserve for contingencies has been created by charges to earned surplus and has been established to provide a cushion for future uncertainties. Note 2. The inventory account includes only items physically present at the main plant and warehouse. Items located at the company's branch sales office amounting to $40,000 are excluded since the company has consistently followed this procedure for many years