The following balance sheet, which has some weaknesses in terminology and classification, has been prepared by an inexperienced accountant and submitted to you for review:

Mikeska Company
Balance Sheet as of December 31, 2017
($ in thousands)
Assets
Fixed assets—tangible
Land $ 500
Buildings and equipment 200
Less: Reserve for depreciation (50) $ 650
Factory supplies 20
Current assets
Inventory 163
Accounts receivable 102
Cash 68 333
Fixed assets—intangibles
Patents 51
Goodwill 49 100
Deferred charges
Discount on bonds payable 12
Returnable containers 32 44
Total assets $ 1,147
Liabilities
Current liabilities
Accounts payable 140
Allowance for doubtful accounts 7
Wages payable 195 $ 342
Long-term liabilities
Bonds payable 400
Reserve for contingencies 50 450
Equity
Capital stock, $10 par, 5,000 shares issued and outstanding 50
Capital surplus 75
Earned surplus 270
Dividends paid (40) 355
Total liabilities $ 1,147

Required:
Prepare a classified balance sheet in proper form. Make any necessary corrections.