Bruno Company has decided to expand its operations. The bookkeeper recently completed the balance sheet presented below in order to obtain additional funds for expansion.
DECEMBER 31, 2012
Accounts receivable (net) 343,610
Inventories (lower-of-average-cost-or-market) 404,610
Equity investments (trading)—at cost (fair value $121,800) 141,800
Property, plant, and equipment
Buildings (net) 571,800
Equipment (net) 161,800
Land held for future use 176,800
Cash surrender value of life insurance 93,610
Prepaid expenses 15,610
Accounts payable 136,800
Notes payable (due next year) 128,610
Pension obligation 83,800
Rent payable 52,610
Premium on bonds payable 56,610
Bonds payable 501,800
Common stock, $1.00 par, authorized 400,000 shares, issued 293,610 293,610
Additional paid-in capital 183,610
Retained earnings ?
Prepare a revised balance sheet given the available information. Assume that the accumulated depreciation balance for the buildings is $163,610 and for the office equipment, $108,610. The allowance for doubtful accounts has a balance of $20,610. 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.)
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