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	$	80,000
Accounts receivable		140,000
Inventories		75,000
Machinery (net)		140,000
Franchise (net)		50,000
Total assets	$	485,000
Liabilities and Shareholders Equity
Accounts payable	$	90,000
Allowance for uncollectible accounts		25,000
Note payable		95,000
Bonds payable		130,000
Shareholders equity		145,000
Total liabilities and shareholders equity	$	485,000

Additional information:

1.	Cash includes a $40,000 restricted amount to be used for repayment of the bonds payable in 2020.
2.	The cost of the machinery is $230,000.
3.	Accounts receivable includes a $40,000 note receivable from a customer due in 2019.
4.	The note payable includes accrued interest of $25,000. 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 $55,000.
6.	70,000 shares of no par common stock were issued in 2011. 200,000 shares are authorized.

Required:

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