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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. Cosh includes 8$20,000 restricted amount to be used for repayment of the bonds payable in 2028 2. The cost of the machinery is $190,000 3. Accounts receivable includes a $20,000 notes receivable from a customer due in 2027 4. The notes payable balance includes accrued interest of $5.000. Principot and interest are both due on February 1, 2025. 5. The company began operations in 2019 Net income less dividends since inception of the company totals $35.000 6. 50,000 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 indicoted by o minus sign. \begin{tabular}{|l|l|} \hline \multicolumn{2}{|c|}{ Liabilities and Shareholders' Equity } \\ \hline Current liabilities: \\ \hline \\ \hline \\ \hline Total current liabilities & \\ \hline Long-term liabilities: & \\ \hline & \\ \hline & \\ \hline Total liabilities & \\ \hline Shareholders' equity: & \\ \hline & \\ \hline & \\ \hline & \\ \hline Total shareholders' equity & \\ \hline Total liabilities and shareholders' equity & \\ \hline \end{tabular} 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. Cosh includes 8$20,000 restricted amount to be used for repayment of the bonds payable in 2028 2. The cost of the machinery is $190,000 3. Accounts receivable includes a $20,000 notes receivable from a customer due in 2027 4. The notes payable balance includes accrued interest of $5.000. Principot and interest are both due on February 1, 2025. 5. The company began operations in 2019 Net income less dividends since inception of the company totals $35.000 6. 50,000 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 indicoted by o minus sign. \begin{tabular}{|l|l|} \hline \multicolumn{2}{|c|}{ Liabilities and Shareholders' Equity } \\ \hline Current liabilities: \\ \hline \\ \hline \\ \hline Total current liabilities & \\ \hline Long-term liabilities: & \\ \hline & \\ \hline & \\ \hline Total liabilities & \\ \hline Shareholders' equity: & \\ \hline & \\ \hline & \\ \hline & \\ \hline Total shareholders' equity & \\ \hline Total liabilities and shareholders' equity & \\ \hline \end{tabular}

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