The following incorrect Balance Sheet was prepared for Browning Corporation as of December 31, 2016. Browning Corporation Balance Sheet

The following incorrect Balance Sheet was prepared for Browning Corporation as of December 31, 2016.

Browning Corporation
Balance Sheet
as of December 31, 2016

Cash	$80,000	Accounts payable	$75,000
Accounts receivable (net)	52,200	Bonds payable	100,000
Inventory	57,000	Common Stock	218,500
Investments	76,300
Equipment (net)	96,000
Copyrights	32,000
Total Assets	$393,500	Total Liabilities & Stockholder’s Equity	$393,500

Additional information:
1. Browning has $3,000 of inventory out on consignment, which is not included in the Inventory account balance, however $3,000 was recorded as an Account Receivable.
2. Browning is trying to sell a piece of equipment it no longer uses. The equipment has a book value of $1,000.
3. The remaining equipment on Browning’s ledger has a $40,000 balance in Accumulated Depreciation.
4. Browning Corporation has key-man insurance with a cash surrender value of $9,400, which is included in the balance of the Cash account.
5. A bank overdraft of $2,500 has been deducted from the Cash account.
6. The Investments account balance was computed as follows:





6. The Accounts Receivable balance was computed as follows:






Required: Prepare a corrected Balance Sheet in report form.