Your answer is partially correct. Try again. Sage Company has decided to expand its operations. The bookkeeper recently completed the balance sheet presented below in order to obtain additional funds for expansion. SAGE COMPANY BALANCE SHEET FOR THE YEAR ENDED 2017 Current assets Cash $237,500 Accounts receivable (net) 347,500 Inventory (lower-of-average-cost-or-market) 408,500 Equity investments (marketable) at cost (fair value $127,500) 147,500 Property, plant, and equipment Buildings (net) 577,500 Equipment (net) 167,500 Land held for future use 182,500 Intangible assets Goodwill 87,500 Cash surrender value of Me Insurance 97,500 Prepaid expenses 19,500 Current liabilities Accounts payable 142.500 Notes payable (due next year) 132,500 Pension obligation 99,500 Rent Davable 56,500 an CALCULATOR PRINTER VERSION BACK 60,500 Premium on bonds payable Long-term liabilities Bonds payable Stockholders' equity Common stock, $1.00 par, authorized 400,000 shares, issued 297,500 Additional paid in capital Retained earnings 507,500 297,500 167,500 7 Prepare a revised balance sheet given the available information. Assume that the accumulated depreciation balance for the buildings is $167,500 and for the equipment, $112,500. The slowance for doubtful accounts has a balance of $24,500. The pension obligation is considered a long-term ility (List Current Assets in order of liquidity. List Property, and and Equipment in order of Buildings and Equipment Enter account name only and do not provide the descriptive information provided in the in Origuidity and Equipment in order of Buildings and Equipment. Enter account name only and do not provide the descriptive information provided in the que SAGE COMPANY Balance Sheet December 31, 2017 Assets Current Assets Cash 237,500 Equity Investments 127,500 Accounts Receivable 347,500 Less Allowance for Doubtful Accounts 24,500 323,000 Inventory 408,500 Prepaid Expenses 19,500 Total Current Assets X 751,000 Long-term Investments CALCULATOR PRINTER VE Land 182,500 Cash Surrender Value of Life Insurance 97,500 Total Long-term Investments 280,000 Property, plant and Equipment Buildings 745,000 Less Accumulated Depreciation-Building 167,500 577,500 Equipment 280,000 Less Accumulated Depreciation Equipment 112,500 167,500 Total Property. Plant and Equipment 745,000 Intangible Assets Goodwill 87,500 Total Assets 1,863,500 Liabilities and Stockholders' Equity Current Listes Accounts Payable 142,500 Notes Payable 132,500 > Rent Payable 56,500 Total Current abilities 331,500 Long-term Liabilities Bonds Payable 507,500 Add Premium on Bonds Payable 60,500 568,000 Pension Obligation 89,500 657,500 Total abilities 989,000 Stockholders' Equity Common Stock 297,500 Additional Pald-in Capital 167.500 465,000 Retained Earnings 409,500 Total Stockholders' Equity 874,500 Total Liabilities and Stockholders' Equity 1,863,500