The bookkeeper for Gato Corp has prepared the following balance sheet as at December 31, 2021: Gato Corp Balance Sheet December 31, 2021 Cash Accounts Receivable (net) Inventories Investments Land Building (net) Trademark (net) $ 136,000 Current Liabilities 103,200 Long-term Liabilities $ 280,000 480,000 64,000 Shareholders' Equity 175,200 56,000 320,000 240,000 16,000 $935.200 $935.200 The following additional information is provided: 1. The cash balance includes: Petty cash fund T-bill Cash advance to employee, payable on demand $ 320 6,400 1,600 Saving Account at TD Bank 4,000 Money market fund 8,000 Chequing account at the Bank of Montreal 117,920 Bank overdraft at the Scotia Bank (no other accounts are held at Total (2,240) $136.000 2. The allowance for doubtful accounts $16,320. 3. The net realizable value of the inventory that is included in the Balance Sheet is $85,000. In addition, inventories do not include: $32,000 of merchandise that was in transit at December 31. The inventory was sold to ABC Inc. with terms fo.b. destination point (the net realizable value of this inventory is $30,000). $16,000 was shipped to Park Inc. from Gato on consignment. The net realizable value for this inventory is $24,000.