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, 2021 Assets Cash 40,000 80,000 55,000 120,e00 30,000 Accounts receivable Inventory Machinery (net) Franchise (net) Total assets $ 325,000 Liabilities and Shareholders Equity Accounts payable Allowance for uncollectible accounts se,000 5,000 55,000 110,000 Notes payable Bonds payable Shareholders equity Total liabilities and shareholders equity ces 105,000 s 325,000 Additional Information 1. Cash includes a $20,000 restricted amount to be used for repayment of the bonds payable in 2025 2 The cost of the machinery is $190,000. 3. Accounts receivable includes a $20.000 notes receivable from a customer due in 2024. 4. The notes payable balance includes accrued interest of $5.000. Principal and interest are both due on February 1, 2022. 5. The company began operations in 2016. Net income less dividends since inception of the company totals $35,000. 6.50,000 shares of no par common stock were issued in 2016. 100,000 shares are authorized. Required: Prepare a corrected, classified balance sheet, Use the additional information to help determine appropriate classifications and account balances. The cost of machinery and its accumulated depreciation are shown separately (Amounts to be deducted should be indicated by a minus sign.) Current assets 20,000 Cash Inventory Allowance for uncollectible accounts Net accounts receivable Accounts receivable 20,000 Total current assets Investments: Notes receivable 0 Total investments Property, plant, and equipment Machinery Net property, plant, and equipment Intangible assets: Franchise (net) Total assets 20,000 Liabilities and Shareholders' Equity Current liabilities Accounts payable Interest payable Notes payable Total current iabilities Long-term liabilities Bonds payable Total liabilities Shareholders equity Common stock