The current assets and current liabilities sections of the balance sheet of Sage Company appear as follows. SAGE COMPANY BALANCE SHEET (PARTIAL) DECEMBER 31, 2017 Cash $ 47,100 Accounts payable $ 65,500 Accounts receivable $91,200 Notes payable 66,460 Less: Allowance for doubtful accounts 8,900 82,300 $131,960 Inventory 166,240 Prepaid expenses 9,620 $305,260 The following errors in the corporations accounting have been discovered: 1. January 2018 cash disbursements entered as of December 2017 included payments of accounts payable in the amount of $44,100, on which a cash discount of 2% was taken. 2. The inventory included $28,320 of merchandise that had been received at December 31 but for which no purchase invoices had been received or entered. Of this amount, $10,950 had been received on consignment; the remainder was purchased f.o.b. destination, terms 2/10, n/30. 3. Sales for the first four days in January 2018 in the amount of $28,070 were entered in the sales journal as of December 31, 2017. Of these, $23,480 were sales on account and the remainder were cash sales. 4. Cash, not including cash sales, collected in January 2018 and entered as of December 31, 2017, totaled $34,540. Of this amount, $22,540 was received on account after cash discounts of 2% had been deducted; the remainder represented the proceeds of a bank loan. Restate the current assets and current liabilities sections of the balance sheet in accordance with good accounting practice. (Assume that both accounts receivable and accounts payable are recorded gross.) SAGE COMPANY Balance Sheet (Partial) Asset $ $ : $ Liabilities and Stockholders' Equity $ $