Flounder Company has decided to expand its operations. The bookkeeper recently completed the following balance sheet in order to obtain additional funds for expansion. FLOUNDER COMPANY BALANCE SHEET FOR THE YEAR ENDED 2020 Current assets Cash $ 241,000 351,000 412,000 151,000 581,000 Accounts receivable (net) Inventory (lower-of-average-cost-or-market) Equity investments (marketable)-at cost (fair value $ 131,000) Property, plant, and equipment Buildings (net) Equipment (net) Land held for future use Intangible assets Goodwill Cash surrender value of life insurance 171,000 186,000 91,000 101,000 23,000 Prepaid expenses Current liabilities Accounts payable 146,000 Notes payable (due next year) Pension obligation 136,000 93,000 60,000 64,000 511,000 Rent payable Premium on bonds payable Long-term liabilities Bonds payable Stockholders' equity Common stock, $1.00 par, authorized 400,000 shares, issued 301,000 Additional paid-in capital Retained earnings 301,000 171,000 Flounder Company has decided to expand its operations. The bookkeeper recently completed the following balance sheet in order to obtain additional funds for expansion. FLOUNDER COMPANY BALANCE SHEET FOR THE YEAR ENDED 2020 Current assets Cash $ 241,000 351,000 412,000 151,000 581,000 Accounts receivable (net) Inventory (lower-of-average-cost-or-market) Equity investments (marketable)-at cost (fair value $ 131,000) Property, plant, and equipment Buildings (net) Equipment (net) Land held for future use Intangible assets Goodwill Cash surrender value of life insurance 171,000 186,000 91,000 101,000 23,000 Prepaid expenses Current liabilities Accounts payable 146,000 Notes payable (due next year) Pension obligation 136,000 93,000 60,000 64,000 511,000 Rent payable Premium on bonds payable Long-term liabilities Bonds payable Stockholders' equity Common stock, $1.00 par, authorized 400,000 shares, issued 301,000 Additional paid-in capital Retained earnings 301,000 171,000