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, 2013
Assets
Cash	$	50,000
Accounts receivable		84,000
Inventories		65,000
Machinery (net)		220,000
Franchise (net)		40,000
Total assets	$	459,000
Liabilities and Shareholders Equity
Accounts payable	$	60,000
Allowance for uncollectible accounts		15,000
Note payable		75,000
Bonds payable		160,000
Shareholders equity		149,000
Total liabilities and shareholders equity	$	459,000

Additional information:

1.	Cash includes a $28,000 bond sinking fund to be used for repayment of the bonds payable in 2017.
2.	The cost of the machinery is $240,000.
3.	Accounts receivable includes a $19,000 note receivable from a customer due in 2016.
4.	The note payable includes accrued interest of $15,000. Principal and interest are both due on February 1, 2014.
5.	The company began operations in 2008. Income less dividends since inception of the company totals $49,000.
6.	50,000 shares of no par common stock were issued in 2008. 100,000 shares are authorized.

Required:

Prepare a corrected, classified balance sheet.