The Balance Sheet (including notes) presented below has been submitted to you by an inexperienced bookkeeper. Prepare a corrected balance sheet (including notes). Consider formatting, terminology deficiencies, and classification inaccuracies in your corrections.

Core Industries, Inc.

Balance Sheet

For the Period Ended 12/31/17

Assets

Fixed AssetsTangible

Equipment$110,000

Less:reserve for depreciation(40,000)$70,000

Factory supplies22,000

Land and buildings400,000

Less:reserve for depreciation(150,000)250,000

Plant site held for future use90,000$432,000

Current Assets

Accounts receivable175,000

Cash80,000

Inventory220,000

Treasury stock (at cost)20,000495,000

Fixed Assets--Intangible

Goodwill80,000

Notes receivable40,000

Patents 26,000146,000

Deferred Charges

Advances to salespersons60,000

Prepaid rent27,000

Returnable containers75,000162,000

TOTAL ASSETS$1,235,000

Liabilities

Current Liabilities

Accounts payable$140,000

Allowance for doubtful accounts8,000

Common stock dividend distributable35,000

Income tax payable42,000

Sales tax payable17,000$242,000

Long-term Liabilities, 5% debenture bonds, due 2020500,000

Reserve for contingencies150,000650,000

TOTAL LIABILITIES892,000

Equity

Capital stock, $10 par value, issued 12,000 shares with

60 shares held as treasury stock$150,000

Capital surplus90,000

Dividends paid (20,000)

Earned surplus 123,000

TOTAL EQUITY 343,000

TOTAL LIABILITIES AND EQUITY$1,235,000

Note 1.The reserve for contingencies has been created by charges to earned surplus and has been established to provide a cushion for future uncertainties.

Note 2.The inventory account includes only items physically present at the main plant and warehouse. Items located at the company's branch sales office amounting to $40,000 are excluded since the company has consistently followed this procedure for many years.

I try to need Corrected Balance Sheet .i Know what is wrong in the Balance sheet but i need correct Balance Sheet.

Above balance sheet has some problems so i need to make new balance sheet depend as this could you any one please help me for this

Thank you