Summer Co's bookkeeper prepared the following Statement of Financial Position for Dec. 31, 2017. Summer Co Statement of Financial Position As at December 31 2017 ASSETS Goodwill $70,000 1,640,000 Equipment (Note 1). 312,000 Inventory (Note 7) 100,000 Investments - trading (Note 4) 950,000 Land (Note 2) 170,000 Accounts Receivable (Note 5) 87,000 Investments In shares (FV-OCI) (Note 4) 176,000 Cash & Cash Equivalents (Note 6) Investments - trading (Note 4) 100,000 Land (Note 2) 950,000 Accounts Recelvable (Note 5) 170,000 Investments in shares (FV-OCI) (Note 4) 87,000 Cash & Cash Equivalents (Note 6) 176,000 Total Assets 3,505,000 LIABILITIES & EQUITIES Notes payable (Note 3) 600,000 Common shares, unlimited authorized, 1,000,000 issued 1,150,000 Retained earnings 448,000 Accumulated Other Comprehensive Income 252,000 Income tax payable 75,000 Accumulated depreciation - Equipment 410,000 570,000 Accounts payable 3,505,000 Total Liabilities and Equities Notes: 1. Equipment is stated at cost and are depreciated over 40 years, straight ine no residual value. 2. The Land value above of $950,000 includes $150,000 of Land that is no longer needed by the Company and is listed with a local real estate agert. is hoped that it will be sold next year. 3. Notes payable bears interest at 3% and is to be paid in full by 2022. $100,000 is the principal instalment due during the 2018 facal year. All interest owng to year end was paid on December 31, 2017. 4. Investments - (held for trading) are valued using the fair value through net income method (FV-NI) Their fair value at year end in $75,000 and they are traded actively each year. The Investments in shares (FV-OCI) have a year end fair value of $95,000 and are held for strategic reasons with no expectation to sell for a long time. Both investment values in the statement above are recorded in the statement above at the original cost value 5. There is an Allowance for doubtful accounts of $30,000 which is reflected in the net Accounts receivable value above 6. The Cash equivalents balance above includes a $40,000 Treasury Bill maturing in 180 days (on June 30, 2018) 7. Summer values their inventory at the Lower of cost and net realizable value (NRV). The cost in the accounts above, of $312.000, was computed using the Weighted Average cost method. The NRV was computed as $320,000 at year end. Required: The bookkeeper incorrectly presented this financial statement provided. Some values are not measured correctly and, a lot of the mandatory disclosure information was not provided. Prepare a correctly classified Statement of Financial Position (Balance Sheet) in IFRS GAAP format with all required disclosures. Marks will not be awarded if the appropriate disclosure information is not provided with the financial statement elements. 937 AM