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Concord Corp. has decided to expand its operations. The bookkeeper recently completed the following statement of financial position in order to obtain additional funds for
Concord 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: Goodwill 94,000 Investment in bonds to collect cash flows, at amortized cost 110,000 Prepaid expenses 20,000 Current liabilities Accounts payable 215,000 Notes payable (due next year) 205,000 Pension obligation 100,000 Rent payable 67,000 Long-term liabilities Bonds payable 707,000 Shareholders' equity Common shares, unlimited authorized, 460,000 issued 460,000 Contributedsurplus 380.000 Retained earnings ? Prepare a revised statement of financial position using the available information. Assume that the bank overdraft relates to a bank account held at a different bank from the account with the cash balance. Assume that the accumulated depreciation balance for the buildings is $350,000 and that the accumulated depreciation balance for the equipment is $265,000. The allowance for expected credit losses has a balance of $28,000. The pension obligation is considered a long-term liability. (List Current Assets in order of liquidity List Property, Plant and Equipment in order of Buildings, and Equipment.)
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