The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant. In reviewing the statement you notice several errors.

LOS GATOS CORPORATION
Balance Sheet
At December 31, 2016
Assets
Cash	$	40,000
Accounts receivable		80,000
Inventories		55,000
Machinery (net)		120,000
Franchise (net)		30,000
Total assets	$	325,000
Liabilities and Shareholders Equity
Accounts payable	$	50,000
Allowance for uncollectible accounts		5,000
Note payable		55,000
Bonds payable		110,000
Shareholders equity		105,000
Total liabilities and shareholders equity	$	325,000

Additional information:

1.	Cash includes a $20,000 restricted amount to be used for repayment of the bonds payable in 2020.
2.	The cost of the machinery is $190,000.
3.	Accounts receivable includes a $20,000 note receivable from a customer due in 2019.
4.	The note payable includes accrued interest of $5,000. Principal and interest are both due on February 1, 2017.
5.	The company began operations in 2011. Income less dividends since inception of the company totals $35,000.
6.	50,000 shares of no par common stock were issued in 2011. 100,000 shares are authorized.

Required:

Prepare a corrected, classified balance sheet. (Amounts to be deducted should be indicated by a minus sign.)