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 Accounts receivable Inventories Machinery (net) Franchise (net) $ 70,000 125,000 70,000 135,000 45,000 Total assets $445,000 Liabilities and Shareholders' Equity Accounts payable Allowance for uncollectible accounts Note payable Bonds payable Shareholders' equity $ 80,000 20,000 85,000 125,000 135,000 Total liabilities and shareholders' $445,000 equity Additional information: , Cash includes a $35,000 restricted amount to be used for repayment of the bonds Additional information: 1Cash includes a $35,000 restricted amount to be used for repayment of the bonds payable in 2020. 2. The cost of the machinery is $220,000. 3. Accounts receivable includes a $35,000 note receivable from a customer due in 2019. 4. The note payable includes accrued interest of $20,000. 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 $50,000 65,000 shares of no par common stock were issued in 2011. 100,000 shares are 6. authorized Required: Prepare a corrected, classified balance sheet. (Amounts to be deducted should be indicated by a minus sign) LOS GATOS CORPORATION Balance Sheet At December 31, 2016 Assets 0 0 Liabilities and Shareholders' Equity