The following incorrect Balance Sheet was prepared for Browning Corporation as of December 31, 2016.

20 points

Browning Corporation

Balance Sheet

as of December 31, 2016

Cash

$80,000

Accounts payable

$75,000

Accounts receivable (net)

52,200

Bonds payable

100,000

Inventory

57,000

Common Stock

218,500

Investments

76,300

Equipment (net)

96,000

Copyrights

32,000

Total Assets

$393,500

Total Liabilities & Stockholder's Equity

$393,500

Additional information:

1. Browning has $3,000 of inventory out on consignment, which is not included in the Inventory account balance, however $3,000 was recorded as an Account Receivable.

2. Browning is trying to sell a piece of equipment it no longer uses. The equipment has a book value of $1,000.

3. The remaining equipment on Browning's ledger has a $40,000 balance in Accumulated Depreciation.

4. Browning Corporation has key-man insurance with a cash surrender value of $9,400, which is included in the balance of the Cash account.

5. A bank overdraft of $2,500 has been deducted from the Cash account.

6. The Investments account balance was computed as follows:

	Investments
Trading Securities	19,000
Available for sale securities	48,300
Franchises	9,00

Total 76,300

6. The Accounts Receivable balance was computed as follows:

		Accounts Receivable
Debit banlances	60,000		4,000	Credit balances
			3,800	Doubtful accounts
incorrect reported balance	52,200

Required: Prepare a corrected Balance Sheet in report form.