The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant. In reviewing the statement you notice several errors. Cash Accounts receivable. Inventory Machinery (net) Franchise (net) Total assets LOS GATOS CORPORATION Balance Sheet At December 31, 2024 Assets Liabilities and Shareholders' Equity Accounts payable Allowance for uncollectible accounts Notes payable $ 72,000 128,000 71,000 136,000 46,000 $ 453,000 $82,000 21,000 87,000 Bonds payable Shareholders' equity Total liabilities and shareholders' equity 126,000 137,000 $ 453,000 Additional Information 1. Cash includes a $36,000 restricted amount to be used for repayment of the bonds payable in 2028 2. The cost of the machinery is $222,000. 3. Accounts receivable includes a $36,000 notes receivable from a customer due in 2027 4. The notes payable balance includes accrued interest of $21,000 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 $51.000 6.66,000 shares of no par common stock were issued in 2019. 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 Note: Amounts to be deducted should be indicated by a minus sign. Current assets Cash LOS GATOS CORPORATION Balance Sheet- At December 31, 2024 Assets 36.000 Current assets: Answer is not complete. LOS GATOS CORPORATION Balance Sheet At December 31, 2024 Cash Accounts receivable Inventory Net accounts receivable Total current assets Investments: Restricted cash Assets 36,000 $128,000 71,000 199,000 235,000 36,000 Notes receivable 36,000 Property, plant, and equipment Machinery 222,000 Accumulated depreciation 86,000 Net property, plant, and equipment 308,000 Intangible assets Franchise (net) 46,000 Other assets: Total assets $ 661,000 Liabilities and Shareholders' Equity Current liabilities Accounts payable Interest payable Motor uable S 82,000 21,000 FF 000 Machinery Accumulated depreciation 86,000 Net property, plant, and equipment 308,000 Intangible assets: Franchise (net) 46,000 Other assets: Total assets $ 661,000 Liabilities and Shareholders' Equity Current liabilities: Accounts payable Interest payable 82,000 ( 21,000 66,000 Notes payable Total current liabilities Long-term liabilities: Bonds payable Total liabilities Shareholders' equity Common stock Retained earnings Total shareholders' equity Total liabilities and shareholders' equity $ 86,000 51,000 169,000 126,000 295,000 137,000 $ 432,000