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

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

IVANHOE COMPANY BALANCE SHEET FOR THE YEAR ENDED 2020

Current assets
Cash $237,000
Accounts receivable (net) 347,000
Inventory (lower-of-average-cost-or-market) 408,000
Equity investments (marketable)-at cost (fair value $127,000) 147,000
Property, plant, and equipment
Buildings (net) 577,000
Equipment (net) 167,000
Land held for future use 182,000
Intangible assets
Goodwill 87,000
Cash surrender value of life insurance 97,000
Prepaid expenses 19,000
Current liabilities
Accounts payable 142,000
Notes payable (due next year) 132,000
Pension obligation 89,000
Rent payable 56,000
Premium on bonds payable 60,000
Long-term liabilities
Bonds payable 507,000
Stockholders equity
Common stock, $1.00 par, authorized 400,000 shares, issued 297,000 297,000
Additional paid-in capital 167,000
Retained earnings ?

Prepare a revised balance sheet given the available information. Assume that the accumulated depreciation balance for the buildings is $167,000 and for the equipment, $112,000. The allowance for doubtful accounts has a balance of $24,000. The pension obligation is considered a long-term liability.

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IVANHOE COMPANY Balance Sheet Assets Liabilities and Stockholders' Equity

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