Question
$ Ayayai Corp. has decided to expand its operations. The bookkeeper recently completed the following statement of financial position in order to obtain additional funds
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Ayayai Corp. has decided to expand its operations. The bookkeeper recently completed the following statement of financial position in order to obtain additional funds for expansion: AYAYAI CORP. Statement of Financial Position For the Year Ended December 31, 2020 Current assets Cash (net of bank overdraft of $40,000) $ 460,000 Accounts receivable (net) 352,000 Inventory at the lower of cost and net realizable value 451,000 FV-NI investments (at cost-fair value $240,000) 230,000 Property, plant, and equipment Buildings (net) Equipment (net) Land held for future use 740,000 240,000 305,000 Intangible assets Goodwill 89,000 Investment in bonds to collect cash flows, at amortized cost 91,000 Prepaid expenses 16,000 Current liabilities
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