The current assets sections of Trial Balance of Brandon Company appear as follows.

Cash & Cash Equivalent

$$40,000$

Accounts receivable

$89,000$

Allowance for doubtful accounts $7,000$

Inventory

$171,000$

Prepaid expenses

$9,000$

The following errors in the corporation's accounting have been discovered:

January $2024$ cash disbursements entered as of December $2023$ included payments of accounts payable in the amount of $$39,000,$ on which a cash discount of $2\%$ was taken.

The inventory included $$27,000$ of merchandise that had been received at December $31$ but for which no purchase invoices had been received or entered. Of this amount, $$12,000$ had been received on consignment; the remainder was purchased f$.$o$.$b$.$ destination, terms $\frac{2}{10},\frac{n}{30}.$

Sales for the first four days in January $2024$ in the amount of $$30,000$ were entered in the sales journal as of December $31,2023.$ Of these, $$21,500$ were sales on account and the remainder were cash sales.

Cash, not including cash sales, collected in January $2024$ and entered as of December $31,2023,$ totaled $$35,324.$ Of this amount, $$23,324$ was received on account after cash discounts of $2\%$ had been deducted; the remainder represented the proceeds of a bank loan.

Instructions

Restate the current assets sections of the balance sheet in accordance with good accounting practice. $($Assume that accounts receivable is recorded gross.$)$

Prepare a Balance Sheet as of December $31,2024$ with disclosure