Bruno Company has decided to expand its operations. The bookkeeper recently completed the balance sheet presented on the next page in order to obtain additional funds for expansion.

InstructionsPrepare a revised balance sheet given the available information. Assume that the accumulated depreciation balance for the buildings is $160,000 and for the office equipment, $105,000. The allowance for doubtful accounts has a balance of $17,000. The pension obligation is considered a long-termliability.

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BRUNO COMPANY BALANCE SHEET DECEMBER 31, 2012 Current assets Cash $260,000 340,000 401,000 Accounts receivable (net) Inventories (lower-of-average-cost-or-market) Equity investments (trading)-at cost (fair value $120,000) Property, plant, and equipment Buildings (net) Office equipment (net) Land held for tuture use Intangible assets Goodwill 140,000 570,000 160,000 175,000 80,000 90.000 Cash surrender value of life insurance Prepaid expenses 12,000 Current liabilities Accounts payable Notes payable (due next year) Pension obligation Rent payable Premium on bonds payable Long-term liabilities Bonds payable Stockholders' equity Common stock, $1.00 par, authorized 400,000 shares, issued 290,000 Additional paid-in capital Retained earnings 135,000 125.000 82,000 49,000 53,000 500,000 290,000 180,000