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 $31,2024$

Assets

Cash $ $62,000$

Accounts receivable $113,000$

Inventory $66,000$

Machinery $($net$)131,000$

Franchise $($net$)41,000$

Total assets $ $413,000$

Liabilities and Shareholders$$ Equity

Accounts payable $ $72,000$

Allowance for uncollectible accounts $16,000$

Notes payable $77,000$

Bonds payable $121,000$

Shareholders$$ equity $127,000$

Total liabilities and shareholders$$ equity $ $413,000$

Additional Information:

Cash includes a $$31,000$ restricted amount to be used for repayment of the bonds payable in $2028.$

The cost of the machinery is $$212,000.$

Accounts receivable includes a $$31,000$ notes receivable from a customer due in $2027.$

The notes payable balance includes accrued interest of $$16,000.$ Principal and interest are both due on February $1,2025.$

The company began operations in $2019.$ Net income less dividends since inception of the company totals $$46,000.$

$61,000$ shares of no par common stock were issued in $2019.100,000$ 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.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:

Cash includes a $$31,000$ restricted amount to be used for repayment of the bonds payable in $2028.$

The cost of the machinery is $$212,000.$

Accounts receivable includes a $$31,000$ notes receivable from a customer due in $2027.$

The notes payable balance includes accrued interest of $$16,000.$ Principal and interest are both due on February $1,2025.$

The company began operations in $2019.$ Net income less dividends since inception of the company totals $$46,000.$

$61,000$ shares of no par common stock were issued in $2019.100,000$ shares are authorized.