The following balance sheet, which has some weaknesses in terminology and classification, has been prepared by an inexperienced accountant and submitted to you for review:Mikeska CompanyBalance Sheet as of December $31,2017($$ in thousands$)$AssetsFixed assetstangibleLand$$500$Buildings and equipment$200$Less: Reserve for depreciation$(50)$$$650$Factory supplies$20$Current assetsInventory$163$Accounts receivable$102$Cash$68333$Fixed assetsintangiblesPatents$51$Goodwill$49100$Deferred chargesDiscount on bonds payable$12$Returnable containers$3244$Total assets$$1,147$LiabilitiesCurrent liabilitiesAccounts payable$140$Allowance for doubtful accounts$7$Wages payable$195$$$342$Long$-$term liabilitiesBonds payable$400$Reserve for contingencies$50450$EquityCapital stock, $$10$ par, $5,000$ shares issued and outstanding$50$Capital surplus$75$Earned surplus$270$Dividends paid$(40)355$Total liabilities$$1,14$