Prepare a revised balance sheet given the available information. Assume that the accumulated depriciation balance for the buildings is $163,500 and the equipment $108,500. The allowance for doubtful accounts has a balance of $20,500. The pension obligation is considered a long-term liability.

Flounder Company has decided to expand its operations. The bookkeeper recently completed the following Rent payable 52,500 Premium on bonds payable 56,500 Long-term liabilities Bonds payable 503,500 Stockholders' equity Common stock, \$1.00 par, authorized 400,000 shares, issued 293,500 293,500 Paid-in capital in excess of par 163,500 Retained earnings