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, 2018 Assets Cash Accounts receivable Inventories Machinery (net) Franchise (net) Total assets Liabilities and Shareholders' Equity Accounts payable Allowance for uncollectible accounts Note payable Bonds payable Shareholders' equity Total liabilities and shareholders' equity $ 46,000 89,000 58,000 123,000 33,000 $ 349,000 $ 56,000 8,000 61,000 113,000 111,000 $ 349,000 Additional information: 1. Cash includes a $23,000 restricted amount to be used for repayment of the bonds payable in 2022. 2. The cost of the machinery is $196,000. 3. Accounts receivable includes a $23,000 note receivable from a customer due in 2021. 4. The note payable includes accrued interest of $8,000. Principal and interest are both due on February 1, 2019. 5. The company began operations in 2013. Income less dividends since inception of the company totals $38,000. 6.53,000 shares of no par common stock were issued in 2013. 100,000 shares are authorized. LOS GATOS CORPORATION Balance Sheet At December 31, 2018 Assets 0 0 0 S 0 0 0 0 S 0