228 Chapter 5 Statement of Financial Position and Statement of Cash Flows KISHWAUKEE CORPORATION DECEMBER 31, 2015 Assets 120,000 1,640,000 312,100 950,000 170,000 87,000 175,900 Goodwill (Note 1) Buildings Land Accounts receivable Treasury shares (50,000 shares) Cash on hand Assets allocated to trustee for plant expansion Cash in bank Treasury notes, at cost and fair value 70,000 138,000 23,663,000 Equities Notes payable (Note 2) Share capital-ordinary, authorized and issued, 600,000 1,000,000 shares, no par Retained earnings Non-controlling interest Income taxes payable 1,150,000 858,000 570,000 75,000 410,000 3,663,000 Accumulated depreciation-buildings Note 1: Goodwill in the amount of 120,000 was recognized because the company believed that book value was not an accurate representation of the fair value of the company. The gain of 120,000 was credited to Retained Earnings. Note 2: Notes payable are non-current except for the current installment due of 100,000. Instructions Prepare a corrected classified statement of financial position in good form. The notes above are for infora- tion only