cfa-8594 436d-9705-9252e25b799d#/question/6 Modes Question 7 of 7 > - /20 View Policies Current Attempt in Progress The statement of financial position of Martinez Corporation follows for the current year, 2020: MARTINEZ CORPORATION Statement of Financial Position December 31, 2020 Current assets $460.750 Current liabilities Investments 608.000 Long-term liabilities Property, plant, and equipment 1.634.000 Shareholders' equity Intangible assets 251,750 $2.954,500 $361.000 912.000 1.681,500 $2.954,500 The following additional information is available: 1. 2 3 The current assets section includes the following cash $142 500: accounts receivable $161.500. less $9.500 allowance for doubtful accounts; inventory $171.000: and unearned revenue $4.750. The cash balance is composed of $180,500, less a bank overdraft of $38,000 tata separate financial institution). Inventory is stated at the lower of FIFO cost and net realizable value. The investments section includes the following note receivable from a related company, due in 2026, 538,000: FV.NI investments in shares $76,000 (fair value $76,000): FV OCI investments in shares $118.750 fair value $147.250): bond sinking fund $237,500; and patents $109.250, net of accumulated amortization Property. Plant, and Equipment include buildings $988,000, less accumulated depreciation $342.000; equipment $427,500, less accumulated depreciation $171.000 and $475,000, and land held for future use $256,500. Intangible Assets include franchise, net of accumulated amortization, $251.750 Current liabilities include the following accounts payable $133,000 notes payable short term $76,000. long-term 5114,000, and income tax payable $38.000 Long-term liabilities are composed solely of bonds payable issued at a discount, due in 2028 Shareholders equity has 70.000 preferred shares (200.000 authorized, which were issued for $427.500 and 95.000 common shares (unlimited number authorized), which were issued at an average price of $10 per share. In addition, the corporation has retained earnings of $275,500 and accumulated other comprehensive income of $28.500 4. 5. 6. 7 (a) Prepare a statement of hinancial position in good form. (Adjust the amounts in each SFP classification based on the ima information Assets in order of liquidity ist Property Plant and Equipment in order funt non MARTINEZ CORPORATION Statement of Financial Position on 7 of 7 - /20 MARTINEZ CORPORATION Statement of Financial Position V Assets $ tion 7 of 7 Liabilities and Shareholders' Equity $ eTextbook and Media List of Accounts