PICS A71 COLUMNS: Reminder use subtotal columns to combine amounts! B 2 A E 5-5B (Preparation of a Corrected Balance Sheet) Darling Company has decided to expand its operations. The bookkeeper recently completed the balance sheet in order to obtain additional funds for expansion Prepare a revised balance sheet given the available information. Assume that the accumulated depreciation balance for the buildings is $302,000 and for the office equipment, $86,000. The allowance for doubtful accounts has a balance of $37,000. The pension obligation is 1 considered a long-term liability. 2 DARLING COMPANY 3 BALANCE SHEET For The Year Ended Dec. 31, 2020 5. Current assets 6 Cash 7 Accounts receivable (net) 8 laventories at lower of average cost or net realizable value 9. Available-for-sale securities at cost (fair value 55,000) 10 Property, plant, and equipment Building (net) Office equipment (net) 12 Land held for future use SELECT CAT $ 105,000 411,000 -561,000 50,000 1,561,000 125,000 251,000 14 Intangible Assets 115 Patents 16. Cash surrender value of life insurance Drons 128,000 26,000 A71 COLUMNS: Reminder use subtotal columns to combine amounts! B 39,000 A 17 Prepaid expenses 18 Current liabilities 19 Accounts payable 20 Notes payable (due next month) 21 Pension obligation 22 Unearned revenue 23 Premium on bonds payable 24 Long-term liabilities 25 Bonds payable 26 Stockholders' equity 27 Common stock, $1.00 par, authorized, 1,000,000 shares, issued 610,000 28 Additional paid-in capital 29 Retained earnings 367,000 75,000 361,000 26,000 36,000 1,500,000 610,000 200,000 2 32 Darling Company Balance Sheet Dec 31 2020 (Description) Enten 3 line Heading 32 COLUMN 1 35 36