3 6 Question 4 (8 points) The Ideal Co., a machinery dealer, has just completed a year of operations. The following Balance Sheet and Notes were prepared by the company's bookkeeper. Balance Sheet - For the time ended December 31, 2020 Assets Cash in current account (note 1) $ 43,000 Accounts receivable (note 2) 162,000 Note receivable, due May 2022 210,000 Machinery held for resale 342,500 Truck (note 3) 50.000 $807.500 Equities Accounts payable (note 4) $ 98,000 Common shares (30,000 authorized and issued) 300,000 Accumulated surplus 409,500 $807,500 Notes: 1. Cash balance is comprised of the following: Cash on hand Bank of Calgary chequing account Bank of Manitoba chequing account overdraft $ 500 52,000 (9,500) $ 43,000 2. The customer accounts in Accounts receivable are comprised of the following: Debit balances (net of estimated uncollectible amounts) $178,000 Credit balances (16.000) $162.000 3. The truck was purchased on January 4, 2020 for $50,000. Depreciation of $9,000 has not yet been recorded for the equipment for the year. 4. Accounts payable is composed of the following balances: Amounts owing to suppliers $48,000 2. The customer accounts in Accounts receivable are comprised of the following: Debit balances (net of estimated uncollectible amounts) $178,000 Credit balances I (16,000) $162.000 3. The truck was purchased on January 4, 2020 for $50,000. Depreciation of $9,000 has not yet been recorded for the equipment for the year. 4. Accounts payable is composed of the following balances: Amounts owing to suppliers $48,000 Bank loan payable (due on demand, secured by machinery) 50.000 $98.000 Required: On the following page, prepare a corrected classified Statement of Financial Position for only the assets section for the Ideal Co. as at December 31, 2020. Use appropriate IFRS format and terminology. A template is provided for your response. Format BIU- MacBook Air