The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant. In reviewing the s you notice several errors. LOS GATOS CORPORATION Balance Sheet At December 31, 2018 Assets Cash Accounts receivable Inventories Machinery (net) Franchise (net) $ 66,000 119,000 68,000 133, 000 43,000 $429,000 Total assets Liabilities and Shareholders' Equity Accounts payable Allowance for uncollectible accounts Note payable Bonds payable Shareholders' equity $ 76,000 18,000 81,000 123,000 131,000 $429,000 Total 1iabilities and shareholders' equity Additional Information: 1. Cash includes a $33,000 restricted amount to be used for repayment of the bonds payable in 2022 2. The cost of the machinery 1s $216,000. 3. Accounts recelvable Includes a $33,000 note recelvable from a customer due in 2021. 4. The note payable includes accrued interest of $18,000. Principal and Interest are both due on February 1, 2019. 5. The company began operations in 2013. Income less dividends since Inception of the company totals $48.000. 6. 63,000 shares of no par common stock were Issued in 2013. 100.000 shares are authorized