LOS GATOS CORPORATION Balance Sheet At December 31, 2018 Assets Cash Accounts receivable Inventories Machinery (net) Franchise (net) $40,000 80,000 55,000 120,000 Total assets $325,000 Liabilities and Shareholders' Equity Accounts payable Allowance for uncollectible accounts Note payable Bonds payable Shareholders' equity 50,000 5,000 55,000 110,000 Total liabilities and shareholders' equity 325,000 Additional Information 1. Cash includes a $20,000 restricted amount to be used for repayment of the bonds payable in 2022 2. The cost of the machinery is $190,000 3. Accounts receivable includes a $20,000 note receivable from a customer due in 2021 4. The note payable includes accrued interest of $5,000. Principal and interest are both Page 143 due on February 1, 2019 5. The company began operations in 2013. Income less dividends since inception of the company totals $35,000 6. 50,000 shares of no par common stock were issued in 2013. 100,000 shares are authorized Required Prepare a corrected, classified balance sheet