Brookdale Hospital hired an inexperienced controller early in 20X4. Near the end of 20X4, the board of directors decided to conduct a major fund-raising campaign. They wished to have the December 20X4, statement of financial position for Brookdale fully conform with current generally accepted principles for hospitals. The trial balance prepared by the controller at December 31, 20X4, follows: Credit $ Cash Investment in Short-Term Marketable Securities Investment in Long-Term Marketable Securities Interest Receivable Accounts Receivable Inventory Land Buildings & Equipment Allowance for Depreciation Accounts Payable Mortgage Payable Fund Balance Debit 100,100 201,700 301, 800 15,600 55,500 35,500 120, 300 936, 900 5 W $ 259,900 40,300 320, 800 1,146,400 $1,767,400 Total $1,767,400 Additional Information: 1. Your analysis of the contributions receivable as of December 31, 20X4, determined that there were unrecognized contributions for the following: Unrestricted use Cancer research Purchase of equipment Permanently restricted endowment principal Total $ 41,900 11,000 21,900 31,700 $106,500 2. Short-term investments at year-end consist of $150,800 of funds without donor restrictions and $50,900 of funds restricted for future cancer research. All of the long-term investments are held in the permanently restricted endowment fund. 3. Land is carried at its current market value of $120,300. The original owner purchased the land for $71,500, and at the time of donation to the hospital, it had an appraised value of $95,900. 4. Buildings purchased 11 years ago for $610,500 had an estimated useful life of 30 years. Equipment costing $152,700 was purchased 7 years ago and had an expected life of 10 years. The controller had improperly increased the reported values of the buildings and equipment to their current fair value of $936,900 and had incorrectly computed the accumulated depreciation. 5. The board of directors voted on December 29, 20X4, to designate $100,500 of funds without donor restrictions invested in short- term investments for developing a drug rehabilitation center. s Required: Prepare a balance sheet for Brookdale Hospital at December 31, 20X4. (Amounts to be deducted should be indicated with minus sign.) BROOKDALE HOSPITAL Balance Sheet December 31, 20X4 Assets Current Assets Total current assets Total current assets Long-term assets Net investment in buildings and equipment Total long-term assets Total assets Liabilities Total liabilities Net assets Total net assets Total liabilities and net assets