Additional information: 1. The average-cost method of inventory value is used. 2. The cost and fair value of the long-term investments that consist of ordinary shares and bonds is the same. 3. The amount of the Construction in Process arcount represents the costs expended to date on a building in the process of construction. (The company rents factory space at the present time.) The land on which the building is being constructed cost 85,000, as shown in the trial balance. 4. The patents were purchased by the company at a cost of 40,000 and are being amortized on a straight- line basis. 5. The notes payable represent bank loans that are secured by long-term investments carried at 120,000. These bank loans are due in 2016. 6. The bonds payable bear interest at 8% payable every December 31, and are due January 1, 2026. 7. 600,000 ordinary shares with a par value of 1 were authorized, of which 500,000 shares were issued and outstanding Instructions Prepare a statement of financial position as of December 31, 2015, so that all important information is fully disclosed. Additional information: 1. The average-cost method of inventory value is used. 2. The cost and fair value of the long-term investments that consist of ordinary shares and bonds is the same. 3. The amount of the Construction in Process arcount represents the costs expended to date on a building in the process of construction. (The company rents factory space at the present time.) The land on which the building is being constructed cost 85,000, as shown in the trial balance. 4. The patents were purchased by the company at a cost of 40,000 and are being amortized on a straight- line basis. 5. The notes payable represent bank loans that are secured by long-term investments carried at 120,000. These bank loans are due in 2016. 6. The bonds payable bear interest at 8% payable every December 31, and are due January 1, 2026. 7. 600,000 ordinary shares with a par value of 1 were authorized, of which 500,000 shares were issued and outstanding Instructions Prepare a statement of financial position as of December 31, 2015, so that all important information is fully disclosed