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 ces Liabilities and Shareholders' Equity Accounts payable Allowance for uncollectible accounts a Notes payable Bonds payable $ 80,000 140,000 75,000 140,000 50,000 $ 485,000 $ 90,000 25,000 95,000 130,000 Shareholders' equity Total liabilities and shareholders' equity 145,000 $ 485,000 Additional Information: 1. Cash includes a $40,000 restricted amount to be used for repayment of the bonds payable in 2028. 2. The cost of the machinery is $230,000. 3. Accounts receivable includes a $40,000 notes receivable from a customer due in 2027. 4. The notes payable balance includes accrued interest of $25,000. 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 $55,000. 6.70,000 shares of no par common stock were issued in 2019. 200,000 shares are authorized. Required: Dranara a carrartad claccified halanca cheat lea the additional information to haln datarmine annranriate claecificatione and account 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. LOS GATOS CORPORATION Balance Sheet At December 31, 2024 Current assets: Cash Accounts receivable Inventory Net accounts receivable Inventory Total current assets Investments: Notes receivable Property, plant, and equipment Net property, plant, and equipment Intangible assets Assets 0 0 Intangible assets: Franchise (net) Other assets: $ 0 Total assets Liabilities and Shareholders' Equity Current liabilities: Accounts payable Notes payable Interest payable Total current liabilities Long-term liabilities: Bonds payable Total liabilities Shareholders' equity: Common stock Retained earnings Total shareholders' equity 0 0 Total liabilities and shareholders' equity $ 0 Total liabilities Shareholders' equity: Common stock Retained earnings Total shareholders' equity Total liabilities and shareholders' equity 0 0 $ 0