Brookdale Hospital hired an inexperienced controller early in 20X4. Near the end of 20X4, the board of directors decided to conduct a major fund-raising campaign. They wished to have the December 31, 20X4, statement of financial position for Brookdale fully conform with current generally accepted principles for hospitals. The trial balance prepared by the controller at December 31, 20X4, follows: Debit Credit
Cash $100,500
Investment in Short-Term Marketable Securities 200,100
Investment in Long-Term Marketable Securities 301,300
Interest Receivable 15,300
Accounts Receivable 55,500
Inventory 35,400
Land 121,400
Buildings and Equipment 935,000
Allowance for Depreciation $260,000
Accounts Payable 40,000
Mortgage Payable 320,000
Fund Balance 1,140,000
Total $1,760,000 $1,760,000

Additional Information

1. Your analysis of the contributions receivable as of December 31, 20X4, determined that there were unrecognized contributions for the following:

For unrestricted use $40,000
For use in cancer research 10,000
For purchase of equipment 20,000
For permanently restricted endowment principal 30,000
Total $100,000

2. Short-term investments at year-end consist of $150,000 of unrestricted funds and $50,000 of funds restricted for future cancer research. All of the long-term investments are held in the permanently restricted endowment fund.
3. Land is carried at its current market value of $120,000. The original owner purchased the land for $70,000, and at the time of donation to the hospital, the land had an appraised value of $95,000.
4. Buildings were purchased 11 years ago for $600,000 and had an estimated useful life of 30 years. Equipment costing $150,000 was purchased 7 years ago and had an expected life of 10 years. The controller had improperly increased the reported values of the buildings and equipment to their current fair value of $935,000 and had incorrectly computed the accumulated depreciation.
5. The board of directors voted on December 29, 20X4, to designate $100,000 of unrestricted funds invested in short-term investments for use in developing a drug rehabilitation center.

Required:
Prepare in good form a balance sheet for Brookdale Hospital at December 31, 20X4.