$ 412,000 Hathaway Inc. Financial Position For the Period Ended December 31, 2020 Assets Fixed Assets-Tangible Equipment $110,000 Less: reserve for depreciation (60.000) $ 50,000 Factory supplies. 22,000 Land and buildings (land is 80,000) 400,000 Less: reserve for depreciation (150,000) 250,000 Land held for sale....... 90,000 Current Assets Accounts receivable. 173,000 Cash ...... 90,000 Inventory 220,000 Fixed Assets-Intangible Goodwill 80,000 Notes receivable (short term) 40,000 Patents..... 26,000 Deferred Charges Advances to salespersons (due Feb. 2021) 60,000 Prepaid rent..... 27,000 TOTAL ASSETS .............. 629,000 87,000 $1.128.000 Liabilities Current Liabilities Accounts payable Allowance for doubtful accounts Notes payable (short term) Rent payable Long-Term Liabilities, 5% debenture bonds, due 2023.. Reserve for contingencies TOTAL LIABILITIES Equity Common shares, no par value, issued 12,000 shares Dividends paid during the year Earned surplus Other accumulated past income TOTAL LIABILITIES AND EQUITY $120,000 6,000 42,000 17.000 500,000 100,000 $ 185,000 600,000 785,000 $240,000 (20,000) 23,000 100,000 343,000 $1.128.000 Other information: The reserve for contingencies is not an amount owed. It has been created by charges to earned surplus and has been established to provide a cushion for future economic uncertainties. The inventory account includes only items physically present at the main plant and warehouse. Items located at the company's branch sales office, amounting to $20,000, are excluded since the company has consistently followed this procedure for many years. of the bond liability, $120,000 will be repaid within the next year. Required: Prepare the 2020 classified Statement of Financial Position in good form. Fix all errors in classification