Bayley Company has the following trial balance below at December 31, 2020. All accounts have normal balances.

Account	Balance
Cash	$460,000
Accounts receivable (net of the Allowance for Doubtful Accounts)	352,000
Inventory at the lower of FIFO cost and net realizable value	451,000
Trading Investments	230,000
Buildings (net of accumulated depreciation)	740,000
Equipment (net of accumulated depreciation)	240,000
Land held for Future Use	305,000
Goodwill	89,000
Notes Receivable (due 2025)	91,000
Prepaid Insurance	16,000
Accounts Payable	345,000
Guaranteed Investment Certificates	50,000
Notes Payable (due in 2021)	235,000
Bonds Payable at net carrying value (due February 1, 2021)	83,000
Rent Payable	55,000
Bonds Payable at net carrying value (due December 31, 2028)	746,000
Common shares, unlimited number of shares authorized	400,000
Contributed surplus	190,000
Retained earnings	See additional Information #5 below

Additional Information:

1. The cash account includes and amount for a bank overdraft of $40,000 which was netted out of the Cash balance. The overdraft relates to a bank account held at a different bank from the account with the cash balance.

2. The accumulated depreciation balance for the buildings is $220,000 and that the accumulated depreciation balance for the equipment is $275,000.

3. The allowance for doubtful accounts has a balance of $24,000.

4. The fair value of the trading investments is 240,000 at year end.

5. Find the value needed in Retained Earnings to balance the statement of financial position.

6. Common shares were issued at an average issue price of $1.60 per share.

7. Guaranteed Investment Certificates were purchased by Bayley on November 15, 2020 and mature on January 15, 2021.

Required: Use the trial balance and additional information to prepare a classified statement of financial position at December 31, 2020. List Current Assets in order of liquidity. Use a proper three-line title. Use contra-accounts where possible. Include all disclosures. Show all calcuations.