Dominick Corporation manufactures and sells furniture throughout the United States. After the first year of operation, it has to prepare financial statements according to generally accepted accounting principles (GAAP). The accounting manager, Elizabeth Yates, recognized transactions during Year 1 properly, but did not know how to classify and organize a statement of financial position at the end of Year 1. Below is the adjusted trial balance on December 31, Year 1. Dominick Corporation Adjusted Trial Balance December 31, Year 1 Account Title Debit Credit Cash $ 50,000 Buildings 300,000 Machinery 200,000 Inventory 65,000 Accumulated depreciation $ 20,000 Accounts payable 50,000 Bonds payable 100,000 Unearned revenue 30,000 Common stock 100,000 Additional paid-in capital 215,000 Retained earnings Sales revenue 500,000 Cost of goods sold 320,000 Depreciation expense 20,000 Wages expense 50,000 i Interest expense 10,000 Total $1,015,000 $1,015,000 A. Prepare a statement of financial position at the end of Year 1. A. List and explain elements of the balance sheet. A. Describe how assets/liabilities are classified as current or noncurrent assets/liabilities and list two examples of each, respectively. A. Calculate the amount of current and noncurrent assets/liabilities. Show your calculations