Question: Please help me figure out the correct answer! I have been struggling for a while, thanks for help! Give Kudos! Teal Company has decided to

 Please help me figure out the correct answer! I have been
struggling for a while, thanks for help! Give Kudos! Teal Company has
decided to expand its operations. The bookkeeper recently completed the following balance
sheet in order to obtain additional funds for expansion. TEAL COMPANY BALANCE
SHEET FOR THE YEAR ENDED 2020 Current assets Cash $238,000 Accounts receivable
Please help me figure out the correct answer! I have been struggling for a while, thanks for help! Give Kudos!

Teal Company has decided to expand its operations. The bookkeeper recently completed the following balance sheet in order to obtain additional funds for expansion. TEAL COMPANY BALANCE SHEET FOR THE YEAR ENDED 2020 Current assets Cash $238,000 Accounts receivable (net) 348.000 Inventory (lower-of-average-cost-or-market) 409,000 Equity investments (marketable)-at cost (fair value $128,000) 148,000 Property, plant, and equipment Buildings (net) 578,000 Equipment (net) 168,000 Land held for future use 183.000 Intangible assets Goodwill 88,000 Cash surrender value of life insurance 98,000 Prepaid expenses 20,000 Current liabilities Accounts payable 143,000 Notes payable (due next year) 133,000 Pension obligation 90,000 Rent payable 57.000 Premium on bonds payable 61.000 Long-term liabilities Bonds payable 508,000 Stockholders' equity Common stock, $1.00 par, authorized 400,000 shares, issued 298,000 298,000 Additional paid-in capital 168,000 Retained earnings ? Prepare a revised balance sheet given the available information. Assume that the accumulated depreciation balance for the buildings is $ 168,000 and for the equipment, $113,000. The allowance for doubtful accounts has a balance of $25,000. 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) TEAL COMPANY Balance Sheet December 31, 2020 Assets Current Assets Cash 23800 Equity Investments 148000 Accounts Receivable $ 873000 373000 Less : Allowance for Doubtful Accounts 25000 34800 Inventory 40900 2000 Prepaid Expenses Total Current Assets Long-term Investments Land 18300 Cash Surrender Value of Life Insurance 9800 Total Long-term Investments Property, Plant and Equipment Buildings 746000 Less : Accumulated Depreciation Buildings 168000 57800 Equipment 281000 Less : Accumulated Depreciation Equipment 113000 i 16800 Total Property. Plant and Equipment Intangible Assets Goodwill Total Assets TEAL COMPANY Balance Sheet December 31, 2020 Assets 238000 148000 A 373000 counts 25000 348000 409000 20000 1163000 183000 98000 281000 746000 -Buildings 168000 578000 281000 -Equipment 113000 168000 746000 88000 2278000 Liabilities and Stockholders' Equity Current Liabilities Accounts Payable $ 14300 Notes Payable 13300 Rent Payable 5700 Total Current Liabilities Long-term Liabilities Bonds Payable $ 508000 Add: Premium on Bonds Payable 61000 56900 9000 Pension Obligation Total Liabilities Stockholders' Equity Common Stock 298000 168000 46600 Additional Paid in Capital Retained Earnings 82000 Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ 2278000 Liabilities and Stockholders' Equity $ 143000 133000 57000 $ $ 333000 508000 61000 569000 90000 659000 992000 298000 168000 466000 820000 1286000 2278000

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