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	$	56,000
Accounts receivable		104,000
Inventory		63,000
Machinery (net)		128,000
Franchise (net)		38,000
Total assets	$	389,000
Liabilities and Shareholders Equity
Accounts payable	$	66,000
Allowance for uncollectible accounts		13,000
Notes payable		71,000
Bonds payable		118,000
Shareholders equity		121,000
Total liabilities and shareholders equity	$	389,000

Additional Information:

1. Cash includes a $28,000 restricted amount to be used for repayment of the bonds payable in 2025.
2. The cost of the machinery is $206,000.
3. Accounts receivable includes a $28,000 notes receivable from a customer due in 2024.
4. The notes payable balance includes accrued interest of $13,000. 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 $43,000.
6. 58,000 shares of no par common stock were issued in 2016. 200,000 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.