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The company's most recent balance sheet given below. The business uses the straight-line depreciation method, by which an equal amount of depreciation is allocated to each year of a fixed asset's estimated useful life. If the business had used accelerated depreciation for its fixed assets instead, the balance in the accumulated depreciation account would be $2,100,000. How would its balance sheet be different if the business had used accelerated depreciation? (Ignore income tax effects in your answer.)
Assets
Liabilities & Owners' Equity
Cash
$1,500,000
Accounts Payable
$700,000
Accounts Receivable
$1,000,000
Accrued Expenses Payable
$600,000
Inventory
$1,800,000
Short-term Notes Payable
Prepaid Expenses
$300,000
Total Current Liabilities
$2,800,000
Total Current Assets
$4,600,000
Long-term Notes Payable
$2,000,000
Property, Plant, & Equipment
$4,800,000
Owners Equity:
Accumulated Depreciation
($1,400,000)
Capital Stock (10,000 shares)
Cost Less Depreciation
$3,400,000
Retained Earnings
$2,200,000
Total Assets
$8,000,000
Total Owners' Equity
$3,200,000
Total Liabilities & Owners' Equity
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