Balance sheet preparation; errors $[$LO$3-2,3-3]$ 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 CORPORATIONBalance SheetDecember $31,2027$Assets$$Cash$ $54,000$Accounts receivable$101,000$Inventory$62,000$Machinery $($net$)127,000$Franchise $($net$)37,000$Total assets$ $381,000$Liabilities and Shareholders$$ Equity$$Accounts payable$ $64,000$Allowance for uncollectible accounts$12,000$Notes payable$69,000$Bonds payable$117,000$Shareholders$$ equity$119,000$Total liabilities and shareholders$$ equity$ $381,000$ Additional Information: Cash includes a $$27,000$ restricted amount to be used for repayment of the bonds payable in $2031.$ The cost of the machinery is $$204,000.$ Accounts receivable includes a $$27,000$ note receivable from a customer due in $2030.$ The notes payable balance includes accrued interest of $$12,000.$ Principal and interest are both due on February $1,2028.$ The company began operations in $2022.$ Net income less dividends since inception of the company totals $$42,000.57,000$ shares of no par common stock were issued in $2022.100,000$ 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.