addtional information :

• The average cost method of inventory value is used.
• The cost and fair value of the long-term investments that consist of stocks and bonds is the same.
• The amount of the Construction Work in Progress account 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.
• The patents were purchased by the company at a cost of $40,000 and are being amortized on a straight-line basis.
• The notes payable represent bank loans that are secured by long-term investments carried at $120,000. These bank loans are due in 2020
• The bonds payable bear interest at 8% payable every December 31, and are due January 1, 2030.
• 600,000 shares of common stock of 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, 2019, so that all important information is fully disclosed.