Exercise 3-7 (Algo) Balance sheet preparation; errors [LO3-2, 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. Additional information: 1. Cash includes a $36,000 restricted amount to be used for repayment of the bonds payable in 2025. 2. The cost of the machinery is $222,000. 3. Accounts recelvable includes a $36,000 notes recelvable from a customer due in 2024. 4. The notes payable balance includes occrued interest of $21,000. Principal and interest are both due on February 1, 2022. 5. The company began operatons in 2016. Net income less dividends since inception of the company totals $51,000. 6. 66,000 shares of no par common stock were issued in 2016. 200,000 shares are authorized. Prepare a corrected, classified balance sheet. Use the additional information to help determine appropriate classifications and account Required: balances. The cost of machinery and its accumulated depreciation are shown separately. (Amounts to be deducted should be indicated by a minus sign.) * Answer is not complete. LOS GATOS CORPORATION Balance Sheot At December 31, 2021 Current assets