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Headland Company has decided to expand its operations. The bookkeeper recently completed the following balance sheet...



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

HEADLAND COMPANY
BALANCE SHEET
FOR THE YEAR ENDED 2020

Current assets
  Cash $236,000
  Accounts receivable (net) 346,000
  Inventory (lower-of-average-cost-or-market) 407,000
  Equity investments (marketable)-at cost (fair value $126,000) 146,000
Property, plant, and equipment
  Buildings (net) 576,000
  Equipment (net) 166,000
  Land held for future use 181,000
Intangible assets
  Goodwill 86,000
  Cash surrender value of life insurance 96,000
  Prepaid expenses 18,000
Current liabilities
  Accounts payable 141,000
  Notes payable (due next year) 131,000
  Pension obligation 88,000
  Rent payable 55,000
  Premium on bonds payable 59,000
Long-term liabilities
  Bonds payable 506,000
Stockholders’ equity
  Common stock, $1.00 par, authorized 400,000 shares, issued 296,000 296,000
  Additional paid-in capital 166,000
  Retained earnings ?


Prepare a revised balance sheet given the available information. Assume that the accumulated depreciation balance for the buildings is $166,000 and for the equipment, $111,000. The allowance for doubtful accounts has a balance of $23,000. 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.)

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