The following balance sheet was prepared by the bookkeeper for Blue Company asof December 31, 2011Blue Company Balance Sheet as of December 31, 2011 Cash Accounts receivable (net)Inventories Investments Equipment (net) Patents $ 90,000 42,200 57,000 76,300 96,000 32,000$393,500 Accounts payable $ 75,000 Long-term liabilities 100,000 Stockholders' equity 218,500$393,500The following additional information is provided: (1) Cash includes the cash surrender value of alife insurance policy $5,000, and a bank overdraft of $4,000 has been deducted. (2)The netaccounts receivable balance includes: (a)accounts receivable debit balances $50,000; (b)accounts receivable credit balances $0; (c)allowance for doubtful accounts $3,800. (3)Inventories do notinclude goods costing $3,000 shipped out on consignment. Receivables of $3,000 were recordedon these goods. (4)Investments include investments in common stock, trading $13,000 andavailable-for-sale $46,300, and franchises $17,000. (5)Equipment costing $5,000 with accumulated depreciation $4,000 is no longer used and is held for sale. Accumulated depreciation on the other equipment is $40,000. Instructions Prepare a balance sheet in good form (stockholders' equity details can be omitted.) Do not worry about balancing the statement but rather use your time to compute the account balances properly for presentation purposes.