4 of 4 < > View Policies Current Attempt in Progress The statement of financial position of Swifty Corporation as at December 31, 2020, is as follows: SWIFTY CORPORATION Statement of Financial Position December 31, 2020 Assets Goodwill (Note 1) $105,000 Buildings (Note 2) 2,460,000 Inventory 468,150 Investments-trading (Note 3) 150,000 Land 1,425,000 Accounts receivable 255,000 Investments in shares (FV-OCI) (Note 4) 130,500 Cash 263,850 Assets allocated to trustee for plant expansion Cash 180,000 Treasury notes, at cost and fair value 207,000 $5,644,500 Equities Notes payable (Note 4) $900,000 Common shares, unlimited authorized, 500,000 issued 1.725,000 Retained earnings 059.000 35,614,500 Equities Notes payable (Note 4) $900,000 Common shares, unlimited authorized, 500,000 issued 1,725,000 Retained earnings 1,059,000 Accounts payable 378.000 Appreciation capital (Note 2) 855.000 Income tax payable 112.500 Reserve for depreciation of building 615,000 $5,644,500 Note Goodwill in the amount of $105,000 was recognized because the company belleved that the carrying amount of assets was 1 not an accurate representation of the company's fair value. The gain of $105,000 was credited to Retained Earnings Note Buildings are stated at cost, except for one building that was recorded at its appraised value as management determined the building to be worth more than originally paid at acquisition. The excess of the appraisal value over cost was $855,000 Depreciation has been recorded based on cost 2 Note Investments-trading are FV-NI (fair value through net income) Investments and have a fair value of $112.500. Investments in shares (FV-OC) have a fair value of $300,000. Both Investments are currently recorded at cost. 3. Note Notes payable are long-term except for the current principal instalment due of $150,000 (a) (a) Prepare a corrected classified statement of financial position in good form. The notes above are for information only. Assume that you have decided not to use the revaluation model for property, plant, and equipment. (List Current Assets in order of liquidity List Property Plant and Equipment in order of Land, Buildings and Equipment) SWIFTY CORPORATION Statement of Financial Position December 31.2020 Assets Current Ass Cash Liabilities and Shareholders Equity -/30 1