The bookkeeper for Garfield Company has prepared the following balance sheet as of July 31, 2012.

The following additional information is provided.1. Cash includes $1,200 in a petty cash fund and $12,000 in a bond sinking fund.2. The net accounts receivable balance is comprised of the following three items: (a) accounts receivable??debit balances $52,000; (b) accounts receivable??credit balances $8,000; (c) allowance for doubtful accounts $3,500.3. Merchandise inventory costing $5,300 was shipped out on consignment on July 31, 2012. The ending inventory balance does not include the consigned goods. Receivables in the amount of $5,300 were recognized on these consigned goods.4. Equipment had a cost of $112,000 and an accumulated depreciation balance of $28,000.5. Taxes payable of $9,000 were accrued on July 31. Garfield Company, however, had set up a cash fund to meet this obligation. This cash fund was not included in the cash balance, but was offset against the taxes payable amount.InstructionsPrepare a corrected classified balance sheet as of July 31, 2012, from the available information, adjusting the account balances using the additionalinformation.

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GARFIELD COMPANY BALANCE SHEET AS OF JULY 31, 2012 $ 69,000 Notes and accounts payable Long-term liabilities Stockholders' equity $ 44,000 Cash Accounts receivable (net) 40,500 60,000 84,000 21,000 75,000 155,500 $274,500 Inventory Equipment (net) Patents $274.500