The following additional information is provided. Cash includes $1, 200 in a petty cash fund and $15,000 in a bond sinking fund. The net accounts receivable balance is comprised of the following two items: (a) accounts receivable $44,000 and (b) allowance for doubtful accounts $3, 500. Inventory costing $5, 300 was shipped out on consignment on July 31, 2014. The ending inventory balance does not include the consigned goods. Receivables in the amount of $5, 300 were recognized on these consigned goods. Equipment had a cost of $112,000 and an accumulated depreciation balance of $28,000. Income taxes payable of $6,000 were accrued on July 31. Geronimo Company, however, had set up a cash fund to meet this obligation. This cash fund was not included in the cash balance but was offset against the income taxes payable amount. Prepare a corrected classified balance sheet as of July 31, 2014, from the available information, adjusting the account balances using the additional information