E5-5B (L03) (Preparation of a Corrected Balance Sheet) Darling Company has decided to expand its operations. The book- keeper recently completed the balance sheet in order to obtain additional funds for expansion. DARLING COMPANY BALANCE SHEET DECEMBER 31, 2017 $ 105,000 411,000 561,000 50,000 "IN-DTYVAC investment 1,561,000 125,000 251,000 Current assets Cash Accounts receivable (net) Inventories at lower of average cost or net realizable value Available-for-sale securities--at cost (fair value $65,000) Property, plant, and equipment Building (net) this and Office equipment (net) Land held for future use Intangible assets Patents Cash surrender value of life insurance Prepaid expenses Current liabilities Accounts payable Notes payable (due next month) Pension obligation Unearned revenue Premium on bonds payable Long-term liabilities Bonds payable Stockholders' equity Common stock, $1.00 par, authorized 1,000,000 shares, issued 610,000 Additional paid-in capital Retained earnings 128,000 26,000 39,000 367,000 75,000 361,000 26,000 36,000 3tally ONy term 1,500,000 Instructions Prepare a revised balance sheet given the available information. Assume that i depreciation balance for the buildings is $302,000 and for the office equipment, $86,000. The allowance for doabiscounts has a balance of $37,000. The pension obligation is considered a long-term liability