Exercise 5-5 Your answer is partially correct. Try again. Nash Company has decided to expand its operations. The bookkeeper recently completed the balance sheet presented below in order to obtain additional funds for expansion. $242,500 352,500 413,500 152,500 NASH COMPANY BALANCE SHEET FOR THE YEAR ENDED 2017 Current assets Cash Accounts receivable (net) Inventory (lower-of-average-cost-or-market) Equity investments (trading) at cost (fair value $132,500) Property, plant, and equipment Buildings (net) Equipment (net) Land held for future use Intangible assets Goodwill Cash surrender value of life insurance Prepaid expenses Current liabilities Accounts payable Notes payable (due next year) Pension obligation Rent payable 582,500 172,500 187,500 92,500 102,500 24,500 147,500 137,500 94,500 61,500 65,500 512,500 Premium on bonds payable Long-term liabilities Bonds payable Stockholders' equity Common stock, $1.00 par, authorized 400,000 shares, issued 302,500 Additional paid-in capital Retained earnings 302,500 172,500 Prepare a revised balance sheet given the available information. Assume that the accumulated depreciation balance for the buildings is $172,500 and for the equipment, $117,500. The allowance for doubtful accounts has a balance of $29,500. The pension obligation is considered a long-term liability. (List Current Assets in order of liquidity. List Property, plant and Equipment in order of Buildings and Equipment. Enter account name only and do not provide the descriptive information provided in the question.) NASH COMPANY Balance Sheet For the Year Ended December 31, 2017 Assets Current Assets Cash 242500 Cash Surrender Value 102500 Accounts Receivable - 352500 352500 7 Less w. Callowance for Doubtful A. Allowance for Doubtful Ac Z (29500) 323000 T Inventory 413500 Prepaid Expenses 24500 1 Total Current Assets 1106000 Long-term Investments Equity Investments 152500 TLand 187500 TTotal Long-term Investments 340000 Property, plant and Equipment 1 Buildings 582500 (172500) 410000 Les Paccumulated Depreciatior Equipment Less 2). Taccumulated Depreciatior 172500 (117500) 55000 355000 D Total Property, Plant and Equipment Intangible Assets Goodwill 1 Total Intangible Assets 92500 92500 Liabilities and Stockholders' Equity Current Liabilities Accounts Payable 147500 Notes Payable 137500 Rent Payable 61500 T Total Current Liabilities 346500 TLong-term Liabilities T Bonds Payable 512500 TPremium on Bonds Payab Pension Obligation 65500 2 578000 94500 672500 1 Total Liabilities T 1019000 Stockholders' Equity T Common Stock Common Stock Z 3 302500 02500 Additional Paid-in Capital 172500 475000 T Retained Earnings T Total Stockholders' Equity 475000 XFX | Total Liabilities and Stockholders' Equity 14940001