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Instructions the account balances using the additional information. Prepare a corrected classified balance sheet as of July 31, 2020, from the available information, adjusting ES7 (LO2) Excel (Current Assets Section of the Balance Sheet) Presented below are selected accounts of Yasunari Kawabata Company at December 31, 2020. $ 52,000 Cost of Goods Sold Inventory (finished goods) 90,000 Notes Receivable Uneared Service Revenue Equipment 253,000 Accounts Receivable Inventory (work in process) 34,000 Inventory (raw materials) Cash 37,000 Supplies Expense Debt Investments (trading) 31,000 Allowance for Doubtful Accounts Customer Advances 36,000 Licenses Restricted Cash for Plant Expansion 50,000 Additional Paid-in Capital Treasury Stock The following additional information is available. $2,100,000 40,000 161,000 207,000 60,000 12,000 18,000 88,000 22,000 1. Inventories are valued at lower-of-cost-or-market using LIFO. 2. Equipment is recorded at cost. Accumulated depreciation, computed on a straight-line basis, is $50,600 3. The short-term investments have a fair value of $29,000. 4. The notes receivable are due April 30, 2022, with interest receivable every April 30. The notes bear interest at 6%. (Hint: Accrue interest due on December 31, 2020.) 5. The allowance for doubtful accounts applies to the accounts receivable. Accounts receivable of $50,000 are pledged as collateral on a bank loan. 6. Licenses are recorded net of accumulated amortization of $14,000. 7. Treasury stock is recorded at cost

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