Copas prepare me following statement of financial position as at July 31, 2020: art CULVER CORP. Statement of Financial Position As at July 31, 2020 Cash $88,000 Notes and accounts payable Accounts receivable (net) 46,100 Long-term liabilities Inventory 67,000 Shareholders' equity Equipment (net) 150,000 Patents (net) 37,000 $388,100 $58,000 91,000 239,100 $388,100 The following additional information is provided: 1. Cash includes $2,500 in a petty cash fund and $22.000 in a bond sinking fund. 2. The net accounts receivable balance is composed of the following three items: (a) accounts receivable debit balances $60,000; (b) accounts receivable credit balances $9,200; and (c) allowance for doubtful accounts $4,700. 3. Inventory costing $6,000 was shipped out on consignment on July 31, 2020. The ending inventory balance does not include the consigned goods. Receivables of $6,000 were recognized on these consigned goods. 4. Equipment had a cost of $183,000 and an accumulated depreciation balance of $33,000. 5. Income Tax Payable of $9.300 was accrued on July 31. Culver Corp., however, had set up a cash fund to meet this obligation. This cash fund was not included in the cash balance, but was offset against the income tax payable account. 6. Long-term liabilities are bonds payable issued at par, due in 2025. 7. Shareholders' equity is made up of two account balances: Common Shares of $159,400 and Retained Earnings of $79.700. (a) Use the information available to prepare a corrected classified statement of financial position as at July 31, 2020. (Adjust the account balances based on the additional information.) (List Current Assets in order of liquidity.)