Statement of Financial Position Adjustment and Preparation, the adjusted trial balance of Eastwood Company and other related information for the year 2010 are presented below.

Additional information:
1. The average cost method of inventory value is used.
2. The cost and fair value of the long-term investments that consist of ordinary shares and bonds is the same.
3. The amount of the Construction Work in Progress account represents the costs expended to date on a building in the process of construction. (The company rents factory space at the present time.) The land on which the building is being constructed cost $85,000, as shown in the trial balance.
4. The patents were purchased by the company at a cost of $40,000 and are being amortized on a straight-line basis.
5. The notes payable represent bank loans that are secured by long-term investments carried at $120.000; these bank loans are due in 2011.
6. The bonds payable bear interest at 8% payable every December 31, and are due January 1. 2021.
7. 600,000 ordinary shares with a par value of $1 were authorized of which 500,000 shares were issued and outstanding.
Instructions
Prepare a statement of financial position as of December 31, 2010, so that all important information is fullydisclosed.

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EASTWOOD COMPANY ADJUSTED TRIAL BALANCE DEGEMBER 31. 2010 Dabita Credits $ 41,000 Cash 183,500 Accounts Receivable 8,700 Allowance for Doubtful Acceunte Prepaid Insurance Imwentory Lang-term Investments 5,000 208,500 339,000 85,000 Land Construction Work in Progress 124,000 Palents 38,000 400,000 Equipment Accumulated Depreciation of Equipmont Accounte Payable Accrued Expenses Notos Payablo Bonds Payable Share Capital-Ordinary Share Premium-Ordinary Retained Earnings 240.000 140.000 49.200 94,000 180.0X S00.000 45.000 130.000 $1,402.900 $1.402,900