ACTIVITY 3: PREPARATION OF THE FINANCIAL STATEMENT Direction: Prepare the statement needed. Tim Mc Key Merchandising provided the following accounts on December 31,2018 Long-term investments in bond 1,125,000 Held for trading securities 675,000 Bank loan payable 3,000,000 Cash in bank 1,350,000 Land held for speculation 225.000 Prepaid advertising 32,500 Tim Mc Key capital 5,087,500 Accounts receivable-trade 1,575,000 Inventories 600,000 Office supplies 37,500 Notes receivable-trade 750,000 Accounts payable-trade 900,000 Petty cash fund 22,500 Property, plant and equipment 3,750,000 Accrued expenses 262,500 Allowance for doubtful accounts 187,500 Accumulated depreciation 1,125,000 Tim Mc Key drawing 250,000 Advances to employees 150,000 REQUIRED: Prepare the statement of financial position as of December 31, 2018 with supporting schedule