Statement of financial position items for Montoya Inc. follow for the current year, 2020:

Instructions

a. Prepare a classified statement of financial position in good form. The numbers of authorized shares are as follows: unlimited common and 20,000 preferred. Assume that income tax accounts, notes receivable, bank loan, and notes payable are short-term, unless stated otherwise, and that the FV-NI investments are stated at fair value.

b. What additional disclosures would you expect to provide for the rental obligation?

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Goodwill Bank loan Bonds payable due 2024 Cash Land Notes receivable Notes payable Accounts payable Retained earnings Income tax recelvable Notes payable (due in five S 125,000 177,591 270,000 Rent payable 360,000 480,000 445,700 265,000 490,000 ? Equipment 97,630 Accumulated depreciation-equipment $ 292,000 239,800 45,000 98,362 480,000 200,000 150,000 Inventory Income tax payable Rent payable (long-term) Common shares (20,000 shares issued) Preferred shares (15,000 shares issued) Prepaid expenses 87,920 1,470,000 121,000 270,200 1,640,000 FV-NI investments Accumulated depreciation-buildings 1,600,000 years) Buildings