Problem 3-8 Balance sheet; errors; missing amounts [LO3-2, 3-3] The following incomplete balance sheet for the Sanderson Manufacturing Company was prepared by the company's controller. As accounting manager for Sanderson, you are attempting to reconstruct and revise the balance sheet At December 31, 2018 1s in 000s) Assets tible accounts Finiabed goods inventory Prepaid expenses 7,800 Total current assets Long-tern asseLs Raw materials and work in proces inventory 27,000 Liabilities and Shareholders Equity Current 1iabilitiea: Accounts payable Note payable Intereat payable-note 57,000 Long-tern liabilitles Shareholdera' equity: Total 1iabiiitles and shareholders'equity Additional information ($ in 000s): 1. Certain records that included the account balances for the patent and shareholders equity items were lost. However, the controller told you that a complete, preliminary balance sheet prepared before the records were lost showed a debt to equity ratio of 1.2. That is, total liabilities are 120% of total shareholders' equity. Retained earnings at the beginning of the year was $7600. Net income for 2018 was $2,450 and $750 in cash dividends were declared and paid to shareholders. 2. Management intends to sell the investments in the next six months. 3. Interest on both the note and the bonds is payable annually. 4. The note payable is due in annual installments of $1,900 each. 5. Deferred revenue will be recognized as revenue equally over the next two fiscal years. 6. The common stock represents 400,000 shares of no par stock authorized, 430,000 shares issued and outstanding. Required: Prepare a complete, corrected, classified balance sheet. (Amounts to be deducted should be indicated by a minus sign.)