Headland Company has decided to expand its operations. The bookkeeper recently completed the following balance sheet in order to obtain additional funds for expansion.

$242,000 352,000 413,000 152,000 582,000 172,000 187,000 HEADLAND 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 $132,000) 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 Stockholders' equity Common stock, $1.00 par, authorized 400,000 shares, issued 302,000 Additional paid-in capital Retained earnings 92,000 102,000 24,000 147,000 137,000 94,000 61,000 65,000 512,000 302,000 172,000 ? Prepare a revised balance sheet given the available information. Assume that the accumulated depreciation balance for the buildings is $172,000 and for the equipment, $117,000. The allowance for doubtful accounts has a balance of $29,000. 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.) HEADLAND COMPANY Balance Sheet December 31, 2020 Assets Current Assets Cash $ 24200C Equity Investments 132.000 Accounts Receivable $ 352000 Less : Allowance for Doubtful Accounts 29000 i 32300C Inventory 41300C Prepaid Expenses 2400C Total Current Assets Long-term Investments Land Held for Future Use 18700C Cash Surrender Value of Life Insurance 10200C Total Current Assets Property, Plant and Equipment Buildings 582000 Less V: Accumulated Depreciation-Buildings Equipment Less V: Accumulated Depreciation-Equipment Total Current Assets Intangible Assets Goodwill Total Assets Liabilities and Stockholders' Equity Current Liabilities Accounts Payable Notes Payable Rent Payable Total Current Liabilities Long-term Liabilities 3onds Payable Add : Premium on Bonds Payable Pension Obligation Total Liabilities Stockholders' Equity Common Stock Additional Paid-in Capital Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity