Exercise 5-5 Culver Company has decided to expand its operations. The bookkeeper recently completed the balance sheet presented below in order to obtain additional funds for expansion CULVER COMPANY BALANCE SHEET FOR THE YEAR ENDED 2017 Current assets Cash Accounts receivable (net) Inventory (lower-of-average-cost-or-market) Equity investments (marketable)-at cost (fair value $129,500) $239,500 349,500 410,500 149,500 Property, plant, and equipment Buildings (net) Equipment (net) Land held for future use 579,500 169,500 184,500 Intangible assets Goodwill Cash surrender value of life insurance Prepaid expenses 89,500 99,500 21,500 Current liabilities Accounts payable Notes payable (due next year) Pension obligation Rent payable Premium on bonds payable 144,500 134,500 91,500 58,500 62,500 Long-term liabilities Bonds payable Stockholders' equity 509,500 Common stock, $1.00 par, authorized 400,000 shares, issued 299,500 Additional paid-in capital Retained earnings 299,500 169,500