At January 1, 20X5, Greta Corporation had the following statement of financial position along with Carrying Value Fair Value Cash $5,000 $5,000 Accounts Receivable 30,000 30,000. Inventory 65,000 85,000 Land 105,000 275,000 Depreciable assets (net of depreciation) 375,000 325,000 Total assets $580,000 5 Current liabilities $30,000 $30,000 Long-term debt 225,000 215,000 8 Common shares 50,000 9 Retained earnings 275,000 0 $580,000 21 2 Additional information regarding Greta: 23 1) Greta's inventory turns over 15 times a year. 24 2) Greta still owns the land listed on its statement of financial pc 25 3) The depreciable asset fair value difference is for one piece of equipment that has a remaining useful life of eight years. The fair valua difforance is not an indication of normanent 26 4) Long-term debt matures in five years. 5) Great's income for the year ending December 31, 20X5 is 27 $197.000. There is no other comprehensive income for the 6) Greta declared a total dividend of $150,000 on Nov 30, 20X5 28 which will be paid in 20X6. 29 30 REQUIRED: Required 1) Required 2: Prep