Additional Information:

$-$Cash includes a $$23,000$ restricted amount to be used for repayment of the bonds payable in $2028.$

$-$The cost of the machinery is $$196,000.$

$-$Accounts receivable includes a $$23,000$ notes receivable from a customer due in $2027.$

$-$The notes payable balance includes accrued interest of $$8,000.-$Principal and interest are both due on February $1,2025.$

$-$The company began operations in $2019.$ Net income less dividends since inception of the company totals $$38,000.$

$-53,000$ shares of no par common stock were issued in $2019.100,000$ 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.

Note: Amounts to be deducted should be indicated by a minus sign.

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 $31,2024\backslash$begin$\{$tabular$\}\{|$l$|$l$|$l$|\}$

$\backslash$hline $\backslash$multicolumn$\{3\}\{|$c$|\}\{$LOS GATOS CORPORATION$\}\backslash \backslash$

$\backslash$hline $\backslash$multicolumn$\{3\}\{|$c$|\}\{$Balance Sheet$\}\backslash \backslash$

$\backslash$hline $\backslash$multicolumn$\{3\}\{|$c$|\}\{$At December $31,2024\}\backslash \backslash$

$\backslash$hline $\backslash$multicolumn$\{3\}\{|$c$|\}\{$Assets$\}\backslash \backslash$

$\backslash$hline Current assets: & & $\backslash \backslash$

$\backslash$hline Cash & & $\backslash$$ $23,000\backslash \backslash$

$\backslash$hline Accounts receivable & $\backslash$$ $66,000$ & $\backslash \backslash$

$\backslash$hline Allowance for uncollectible accounts & $\backslash ((8,000)\backslash )$ & $\backslash \backslash$

$\backslash$hline Net accounts receivable & & $58,000\backslash \backslash$

$\backslash$hline Inventory & & $58,000\backslash \backslash$

$\backslash$hline Total current assets & & $139,000\backslash \backslash$

$\backslash$hline Investments: & & $\backslash \backslash$

$\backslash$hline Notes receivable & & $23,000\backslash \backslash$

$\backslash$hline & & $\backslash \backslash$

$\backslash$hline Property, plant, and equipment: & & $\backslash \backslash$

$\backslash$hline Machinery & $196,000$ & $\backslash \backslash$

$\backslash$hline Accumulated depreciation & $\backslash ((73,000)\backslash )$ & $\backslash \backslash$

$\backslash$hline Net property, plant, and equipment & & $123,000\backslash \backslash$

$\backslash$hline Intangible assets: & & $\backslash \backslash$

$\backslash$hline Franchise $($net$)$ & & $33,000\backslash \backslash$

$\backslash$hline & & $\backslash \backslash$

$\backslash$hline Other assets: & & $\backslash \backslash$

$\backslash$hline & & $\backslash \backslash$

$\backslash$hline & & $\backslash \backslash$

$\backslash$hline Total assets & & $\backslash$$ $318,000\backslash \backslash$

$\backslash$hline $\backslash$multicolumn$\{3\}\{|$c$|\}\{$Liabilities and Shareholders' Equity$\}\backslash \backslash$

$\backslash$hline Current liabilities: & & $\backslash \backslash$

$\backslash$hline Accounts payable & & $\backslash$$ $56,000\backslash \backslash$

$\backslash$hline Interest payable & & $8,000\backslash \backslash$

$\backslash$hline Notes payable & & $53,000\backslash \backslash$

$\backslash$hline & & $\backslash \backslash$

$\backslash$hline Total current liabilities & & $117,000\backslash \backslash$

$\backslash$hline Long$-$term liabilities: & & $\backslash \backslash$

$\backslash$hline Bonds payable & & $113,000\backslash \backslash$

$\backslash$hline & & $\backslash \backslash$

$\backslash$hline Total liabilities & & $230,000\backslash \backslash$

$\backslash$hline Shareholders' equity: & & $\backslash \backslash$

$\backslash$hline Common stock & $\backslash$$ $73,000$ & $\backslash \backslash$

$\backslash$hline Retained earnings & $38,000$ & $\backslash \backslash$

$\backslash$hline & & $\backslash \backslash$

$\backslash$hline Total shareholders' equity & & $111,000\backslash \backslash$

$\backslash$hline Total liabilities and shareholders' equity & & $\backslash$$ $341,000\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$