Uhura Company has decided to expand its operations. The bookkeeper recently completed the balance sheet presented below in order to obtain additional funds for expansion.
Uhura Company
Balance Sheet
For the Year Ended 2008
Current assets
Cash ...................... $230,000
Accounts receivable (net) ............. 340,000
Inventories at lower of average cost or market ..... 401,000
Trading securities—at cost (fair value $120,000) .... 140,000
Property, plant, and equipment
Building (net) .................. 570,000
Office equipment (net) ............... 160,000
Land held for future use ............... 175,000
Intangible assets
Goodwill ..................... 80,000
Cash surrender value of life insurance ........ 90,000
Prepaid expenses ................. 12,000
Current liabilities
Accounts payable ................ 135,000
Notes payable (due next year) ........... 125,000
Pension obligation ................. 82,000
Rent payable .................. 49,000
Premium on bonds payable ............. 53,000
Long-term liabilities
Bonds payable ................. 500,000
Stockholders’ equity
Common stock, $1 par, authorized
400,000 shares, issued 290,000 ............ 290,000
Additional paid-in capital ............... 160,000
Retained earnings ................. ?

Instructions
Prepare a revised balance sheet given the available information. Assume that the accumulated depreciation balance for the buildings is $160,000 and for the office equipment, $105,000. The allowance for doubtful accounts has a balance of $17,000. The pension obligation is considered a long-term liability.