Using the available data and information prepare the

Question

While on assignment you discover that you have misplaced the balance sheet of Bird Corporation as of January 1, Year 1. However, you do have the following data on Bird Corporation:

BIRD CORPORATION Post-closing Trial Balance December 31, Year 1
Debit balances
Cash	$100,000
Accounts receivable	120,000
Inventory	130,000
Property, plant, and equipment	550,000
Other noncurrent investments	200,000
Total	$1,100,000
Credit balances
Accounts payable	$100,000
Current portion of long-term debt	80,000
Accumulated depreciation	270,000
Long-term debt	200,000
Common stock	300,000
Retained earnings	150,000
Total	$1,100,000

BIRD CORPORATION
Statement of Cash Flows
For Year Ended December 31, Year 1
Cash flows from operations
Net income					$150,000
Add (deduct) adjustment to cash basis
Depreciation				$ 85,000
Loss on sale of equipment				5,000
Gain on sale of noncurrent investments				(50,000)
Increase in accounts receivable				(30,000)
Increase in inventories				(20,000)
Increase in accounts payable				40,000	30000
Cash from operations					180000
Cash flows from investing activities
Additions to property and equipment				(150,000)
Sale of equipment				10,000
Sale of investments				95,000
Cash used for investing activities					(45000)
Cash flows from financing activities
Issuance of common stock				10000
Additions to long-term debt		15000
Decrease in current portion of long-term debt		(30000)		(15,000)
Cash dividends				(80,000)
Cash used for financing activities					(85,000)
Net increase in cash					$50,000

Required:

Using the available data and information, prepare the balance sheet of Bird Corporation as of January 1, Year 1. T-accounts can be helpful in reconstructing the individual accounts. (Note: Equipment sold had accumulated depreciation of $50,000.)