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, 2021 Assets Cash Accounts receivable Inventory Machinery (net) Franchise (net) Total assets Liabilities and Shareholders' Equity Accounts payable Allowance for uncollectible accounts Notes payable Bonds payable Shareholders' equity Total liabilities and shareholders' equity $ 66,000 119,000 68,000 133,000 43,000 $ 429,000 $ 76,000 18,000 81,000 123,000 131,000 $ 429,000 Additional Information: 1. Cash includes a $33,000 restricted amount to be used for repayment of the bonds payable in 2025. 2. The cost of the machinery is $216,000. 3. Accounts receivable includes a $33,000 notes receivable from a customer due in 2024. 4. The notes payable balance includes accrued interest of $18,000. Principal and interest are both due on February 1, 2022. 5. The company began operations in 2016. Net income less dividends since inception of the company totals $48,000. 6. 63,000 shares of no par common stock were issued in 2016. 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. (Amounts to be deducted should be indicated by a minus sign.) LOS GATOS CORPORATION Balance Sheet At December 31, 2021 Assets Current assets: Cash $ 33,000 Accounts receivable $ 68,000 68,000 x Inventory Net accounts receivable 136,000 Total current assets 169,000 Investments: Notes receivable $ 33,000 33,000 Restricted cash Total investments 66,000 216,000 (83,000) Property, plant, and equipment: Machinery Accumulated depreciation Net property, plant, and equipment Intangible assets: Franchise (net) 133,000 43,000 Total assets $ 411,000 Liabilities and Shareholders' Equity Current liabilities: $ Accounts payable Interest payable Notes payable 76,000 18,000 63,000 Total current liabilities 157,000 Long-term liabilities: Bonds payable 123,000 Total liabilities 280,000 Shareholders' equity: Common stock 100,000 X 48,000 Retained earnings Total shareholders' equity 148,000 Total liabilities and shareholders' equity $ 428,000 *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted