Return to question Brookdale Hospital hired an inexperienced controller early in 20X4. Near the end of 20X4, the board of directors decided to conduct a major fund-raising campaign. They wished to have the December 31, 20X4, statement of financial position for Brookdale fully conform with current generally accepted principles for hospitals. The trial balance prepared by the controller at December 31, 20X4, follows: Credit Cash Investment in Short-Term Marketable Securities Investment in Long-Term Marketable Securities Interest Receivable Accounts Receivable Inventory Land Buildings & Equipment Allowance for Depreciation Accounts Payable Mortgage Payable Fund Balance Total Debit $ 101,700 200,300 300,800 15,200 55,500 35,700 120,900 936,900 $ 259,000 41,300 322,700 1.145,000 $1,767,000 $1,767,000 Additional Information: 1. Your analysis of the contributions receivable as of December 31, 20X4, determined that there were unrecognized contributions for the following: Unrestricted use Cancer research Purchase of equipment Permanently restricted endowment principal Total $ 40,400 11,700 20,600 31,000 $103,700 2. Short-term investments at year-end consist of $151,000 of funds without donor restrictions and $49,300 of funds restricted for future cancer research. All of the long-term investments are held in the permanently restricted endowment fund. 3. Land is carried at its current market value of $120.900. The original owner purchased the land for $71,700, and at the time of donation to the hospital, it had an appraised value of $96,000 4. Buildings purchased 11 years ago for $606,000 had an estimated useful life of 30 years. Equipment costing $150,900 was purchased 7 years ago and had an expected life of 10 years. The controller had improperly increased the reported values of the buildings and equipment to their current fair value of $936,900 and had incorrectly computed the accumulated depreciation 5. The board of directors voted on December 29, 20X4, to designate $101,600 of funds without donor restrictions invested in short- term investments for developing a drug rehabilitation center Required: Prepare a balance sheet for Brookdale Hospital at December 31, 20x4. (Amounts to be deducted should be indicated with minus sign.) Answer is complete but not entirely correct. BROOKDALE HOSPITAL Balance Sheet December 31, 20X4 Assets Current Assets Cash $ 101,700 Contributions receivable 103,700 ooo 0 sign.) Answer is complete but not entirely correct. BROOKDALE HOSPITAL Balance Sheet December 31, 20X4 $ Assets Current Assets: Cash Contributions receivable Investments in marketable securities Interest receivable Accounts receivable Inventory OOOOO 101,700 103,700 200,300 15,200 55,500 35,700 ol $ 512,100 Total current assets Long-term assets: Building & equipment Accumulated depreciation Net investment in buildings and equipment Land Investments in marketable securities $ 936,900 259,900 $ 1,196,800 120,900 300,800 SIS 1,618,500 $ 2,130,600 Total long-term assets Total assets Liabilities Accounts payable Mortgage payable $ 41,300 321,700 $363.000 $ Total liabilities Net assets: Without donor restrictions State appropriations receivable With donor restrictions Total net assets Total liabilities and net assets S 40.400 11,700 31.000 83,100 $ 446,100