Bridgeport Corp. has decided to expand its operations. The bookkeeper recently completed the following statement of financial position in order to obtain additional funds for expansion:

(a)

Prepare a revised statement of financial position using the available information. Assume that the bank overdraft relates to a bank account held at a different bank from the account with the cash balance. Assume that the accumulated depreciation balance for the buildings is $250,000 and that the accumulated depreciation balance for the equipment is $195,000. The allowance for doubtful accounts has a balance of $30,000. The pension obligation is considered a long-term liability. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Equipment.)

$410,000 422,000 501,000 230,000 710,000 290,000 305,000 BRIDGEPORT CORP. Statement of Financial Position For the Year Ended December 31, 2017 Current assets Cash (net of bank overdraft of $31,000) Accounts receivable (net) Inventory at the lower of cost and net realizable value FV-NI investments (at cost-fair value $170,000) Property, plant, and equipment Building (net) Equipment (net) Land held for future use Intangible assets Goodwill Investment in bonds to be held until maturity, at amortized cost Prepaid expenses Current liabilities Accounts payable Notes payable (due next year) Pension obligation Rent payable Long-term liabilities Bonds payable Shareholders' equity Common shares, unlimited authorized, 390,000 issued Contributed surplus Retained earnings 87,000 102,000 17,000 205,000 165,000 99,000 61,000 676,000 390,000 280,000 ? BRIDGEPORT Corp. Statement of Financial Position December 31, 2017 Assets Current Assets Cash 441,000 FV-NI Investments 230,000 Accounts Receivable 422,000 Less Allowance for Doubtful Accounts -30,000 392,000 Inventory 501,000 Prepaid Expenses 17,000 Total Current Assets 1,581,000 Long-Term Investments Land Held for Future Use 305,000 Bond Sinking Fund Investment 102,000 407,000 Property, Plant, and Equipment Buildings 710,000 Less Accumulated Depreciation - Buildings -250,000 460,000 Equipment 290,000 Less Accumulated Depreciation - Equipment -195,000 95,000 962,000 Goodwill 87,000 X Total Assets 2,977,000 Liabilities and Shareholders' Equity Current Liabilities Accounts Payable 205,000 Notes Payable 165,000 Bank Overdraft 31,000 Rent Payable 61,000 Total Current Liabilities 462,000 Long-Term Liabilities Bonds Payable 676,000 Pension Obligation 99,000 775,000 Total Liabilities 1,237,000 Shareholders' Equity Common Shares 390,000 Contributed Surplus 280,000 Retained Earnings 1,070,000 Total Shareholders' Equity 1,740,000 X Total Liabilities and Shareholders' Equity v 2,977,000