Presented below is the statement of financial position of Sargent Corporation for the current year, 2015.

The following information is presented.
1. The current assets section includes cash $150,000, accounts receivable $170,000 less $10,000 for allowance for doubtful accounts, inventory $180,000, and unearned service revenue $5,000. Inventory is stated at the lower-of-FIFO-cost-or net realizable value.
2. The investments section includes land held for speculation $40,000; investments in ordinary shares, short-term (trading) $80,000 and long-term (non-trading) $270,000; and bond sinking fund $250,000.
The cost and fair value of investments in ordinary shares are the same.
3. Property, plant, and equipment includes buildings $1,040,000 less accumulated depreciation $360,000, equipment $450,000 less accumulated depreciation $180,000, land $500,000, and land held for future use $270,000.
4. Intangible assets include a franchise $165,000 and goodwill $100,000.
5. Current liabilities include accounts payable $140,000; notes payable—short-term $80,000 and longterm $120,000; and income taxes payable $40,000.

6. Non-current liabilities are composed solely of 7% bonds payable due 2023.
7. Equity has share capital—preference, $5 par value, authorized 200,000 shares, issued 90,000 shares for $450,000; and share capital—ordinary, $1 par value, authorized 400,000 shares, issued 100,000 shares at an average price of $10. In addition, the corporation has retained earnings of $320,000.
Instructions Prepare a statement of financial position in good form, adjusting the amounts in each statement of financial position classification as affected by the information given above.

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SARGENT CORPORATION STATEMENT OF FINANCIAL POSITION DECEMBER 31, 2015 Investments Property, plant, and equipment Intangible assets Current assets $ 640,000 Equity $1,770,000 1,720,000 Non-current liabilities 960,000 265,000 Current liabilities 380,000 485,000 $3,110,000 $3,110,000