Flounder Company has decided to expand its operations. The bookkeeper recently completed the following balance sheet in order to obtain additional funds for expansion $234,500 344,500 405,500 144,500 574,500 164,500 179,500 FLOUNDER COMPANY BALANCE SHEET FOR THE YEAR ENDED 2020 Current assets Cash Accounts receivable (net) Inventory (lower-of-average-cost-or-market) Equity investments (marketable) at cost (fair value $124,500) 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 Premium on bonds payable Long-term liabilities Bonds payable 84,500 94,500 16,500 139,500 129,500 86,500 53,500 57,500 504,500 504,500 Bonds payable Stockholders' equity Common stock, $1.00 par, authorized 400,000 shares, issued 294,500 Additional paid-in capital Retained earnings 294,500 164,500 ? Prepare a revised balance sheet given the available information. Assume that the accumulated depreciation balance for the buildings is $164,500 and for the equipment, $109,500. The allowance for doubtful accounts has a balance of $21,500. 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.) FLOUNDER COMPANY Balance Sheet December 31, 2020 Assets Current Assets Cash 234500 Equity Investments 124500 Accounts Receivable x Less Tallowance for Doubtful Acc (21500) cy Policy | 2000-2021 John Wiley & Sons, Inc. All Rights Reserved. A Division of John Wiley & Sons, Inc. Version 4.24.21 December 31, 2020 Assets Current Assets Cash 234500 Equity Investments 124500 Accounts Receivable x Less TAllowance for Doubtful Acc (21500) Inventory Prepaid Expenses 16500 Total Current Assets Long-term Investments Cash Surrender Value of Li Land Held for Future Use Land Held for Future Use Total Long-term Investments Property, Plant and Equipment Buildings Less = X Less TAccumulated Depreciation Total Property, plant and Equipment Intangible Assets IN Goodwill Total Assets Liabilities and Stockholders' Equity . Liabilities and Stockholders' Equity Current Liabilities [Accounts Payable Notes Payable X Rent Payable X Total Current Liabilities Long-term Liabilities Bonds Payable Add Premium on Bonds Payable X Pension Obligation Total Long-term Liabilities Total Liabilities Total Long-term Liabilities Total Liabilities X Paid-in Capital in Excess of Additional Paid-in Capital Retained Earnings Total Stockholders' Equity Total Stockholders' Equity Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS SHOW SOLUTION LINK TO TEXT Question Attempts: 7 of 15 used SAVE FOR LATER SUBMIT A