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The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant. In reviewing the statement you notice several errors. Additional

image text in transcribedimage text in transcribedimage text in transcribed The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant. In reviewing the statement you notice several errors. Additional Information: 1. Cash includes a $29,000 restricted amount to be used for repayment of the bonds payable in 2028. 2 . The cost of the machinery is $208,000. 3. Accounts receivable includes a $29,000 notes receivable from a customer due in 2027. 4. The notes payable balance includes accrued interest of $14,000. Principal and interest are both due on February 1, 2025. 5. The company began operations in 2019. Net income less dividends since inception of the company totals $44,000. \begin{tabular}{|c|c|c|} \hline \multicolumn{3}{|c|}{ At December 31, 2024} \\ \hline \multicolumn{3}{|c|}{ Assets } \\ \hline \multicolumn{3}{|l|}{ Current assets: } \\ \hline & & \\ \hline \\ \hline \\ \hline Net accounts receivable & & 0 \\ \hline \\ \hline Total current assets & & 0 \\ \hline \multicolumn{3}{|l|}{ Investments: } \\ \hline \\ \hline \multicolumn{3}{|l|}{P} \\ \hline \multicolumn{3}{|l|}{ Property, plant, and equipment: } \\ \hline \multicolumn{3}{|l|}{=} \\ \hline \\ \hline Net property, plant, and equipment & & 0 \\ \hline \multicolumn{3}{|l|}{ Intangible assets: } \\ \hline \\ \hline \\ \hline \multicolumn{3}{|l|}{ Other assets: } \\ \hline \\ \hline \\ \hline Total assets & & $ \\ \hline \end{tabular} \begin{tabular}{|c|l|l|} \hline \multicolumn{2}{|c|}{ Liabilities and Shareholders' Equity } & \\ \hline Current liabilities: & & \\ \hline & & \\ \hline & & \\ \hline Total current liabilities & & \\ \hline Long-term liabilities: & & \\ \hline & & \\ \hline Total liabilities & & \\ \hline Shareholders' equity: & & \\ \hline & & \\ \hline \hline \end{tabular}

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