A4-29 ASPE-Criticize and Redraft a Deficient SFP: The most recent SFP of Blackstone Tire Corp., a private corporation, appears below: BLACKSTONE TIRE CORPORATION Statement of Financial Position For the year ended 31 December 20X5 Assets Current Cash Short-term investments Accounts receivable Merchandise Supplies Shares of Wilmont Co. (not a controlling interest) $ 23,000 10,000 15,000 31,000 5,000 17,000 $ 101,000 Investments 82,500 Loan to shareholder Tangible Building and land ($10,000) Less: reserve for depreciation Equipment Less: reserve for depreciation $86,000 40,000 $20,000 46,000 15,000 5,000 51,000 Deferred 5,000 Prepaid expenses $239,500 Total Debt and Capital Current Accounts payable $16,000 Reserve for future, deferred 17,000 income tax 100 Customers' accounts receivable $ 33,100 with credit balance Fixed (interest paid at year-end) Bonds payable, 8.5%, due 2029 45,000 Mortgage, 11% 12.000 57,000 Reserve for bad debts 900 Capital Preferred shares, authorized 50,000 and outstanding. 6,000 shares Common shares, authorized 67,000 10,000 shares Earned surplus 22,500 Donated capital 9,000 148,500 Total $239,500 Required: 1. List and explain in writing your criticisms of the above statement. 2. Prepare a complete SFP as far as possible, using appropriate format, captions, and terminology