The following balance sheet was prepared by the bookkeeper for Kraus Company as of December 31, 2012. Cash Accounts receivable (net) Inventory Investments Equipment (net) Patents Kraus Company Balance Sheet as of December 31, 2012 $ 85,000 Accounts payable 52,200 Long-term liabilities 57.000 Stockholders' equity 76,300 106,000 32.000 $408.500 $ 90,000 100,000 218,500 $408.500 The following additional information is provided: 1. Cash includes the cash surrender value of a life insurance policy $9,400, and a bank overdraft of $2,500 has been deducted. 2. The net accounts receivable balance includes: (a) accounts receivable-debit balances $60,000; (b) accounts receivable credit balances $4,000; allowance for doubtful accounts $3,800. 3. Inventory does not include goods costing $3,000 shipped out on consignment. Receivables of $3,000 were recorded on these goods. 4. Investments include investments in common stock, (trading securities), $19,000, investments in common stock (available-for-sale, long-term) $48,300 and franchises $9,000. 5. Equipment costing $5,000 with accumulated depreciation $4,000 is no longer used and is held for sale. Accumulated depreciation on the other equipment is $40,000. Instructions Prepare a corrected classified balance sheet