The following balance sheet for Bane Mask Corporation was prepared by its recently hired accountant. In reviewing the statement, you noted several errors. Bane Mask Corporation Balance Sheet December 31, 20Y2 Assets Cash Accounts Receivable Inventtories Machinery, net Franchise, net TOTAL ASSETS $ 40,000 $80,000 $65,000 $120,000 $20,000 $325,000 Liabilities and Shareholders' Equity Accounts Payable $ 60,000 Allowance for Uncollectible Accounts 5,000 Notes Payabel 55000 Bonds Payable 100000 Shareholders' Equity 105,000.000 325,000 Total Liabilities and Shareholders' Equity Notes are an integral part of the financial statements. Required: Review the information below and prepare a corrected classified Balance Sheet on the next page. List the possible classifications of a Balance Sheet. Should the new accountant receive a favorable mid-year performance review? 1. Cash includes a $20,000 bond sinking fund to be used for the repayment of the bonds payable in 20Y4. 2. The cost of machinery is $190,000. 3. Accounts receivable includes a $20,000 note receivable from a customer due in 20Y5. 4. The note payable includes accrued interest of $5,000. Principal and interest are both due on February 1, 20Y2. 5. The company began operations in 20Y0. Income less dividends since inception of the company totals $35,000. 6. A total of 50,000 shares of no par common stock has been issued since 20Y0, and 100,000 shares are authorized. Act II: The Financial Encounter of Intermediate Accounting I Stage 6