Sandhill Company has decided to expand its operations. The bookkeeper recently completed the following balance sheet in order to obtain additional funds for expansion. SANDHILL COMPANY BALANCE SHEET FOR THE YEAR ENDED 2020 Current assets Cash $234,500 Accounts receivable (net) 344,500 Inventory (lower-of-average-cost-or-market) 405,500 Equity investments (marketable)-at cost (fair value $124,500) 144,500 Property, plant, and equipment Buildings (net) Equipment (net) 574,500 164,500 179,500 Land held for future use Intangible assets Goodwill 84,500 Cash surrender value of life insurance 94,500 Prepaid expenses 16,500 Current liabilities Accounts payable 139,500 Notes payable (due next year) 129,500 Pension obligation 86,500 Rent payable 53,500 Premium on bonds payable 57,500 Long-term liabilities Bonds payable 504,500 Stockholders' equity Common stock, $1.00 par, authorized 400,000 shares, issued 294,500 294,500 Additional paid-in capital 164,500 Retained earnings ? Prepare a revised balance sheet given the available information. Assume that the accumulated depreciation balance for the buildings is $164,500 and for the equipment, $109,500. The allowance for doubtful accounts has a balance of $21,500. 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.) Current Assets Cash Accounts Receivable Less Allowance for Doubtful Accounts Inventory SANDHILL COMPANY Balance Sheet December 31, 2020 Assets 344500 $ 234500 21500 i 32300 405500