due of Prepare a corrected classified statement of financial position in good form. The nos D Ps.s (Statement of Financial Position Adjustment and Prepa above are for informa- tion only 3 financial position of Sargent Corporation for the current year, 2015 aration) Presented below is the statement of SARGENT CORPORATION STATEMENT OF FINANCIAL POSITION DECEMBER 31, 2015 Investments Property, plant, and equipment Intangible assets Current assets $1,770,000 960.000 380,000 640,000 Equity 1,720,000 Non-current liabilities 265,000 Current liabilities 485,000 $3,110,000 $3,110,000 The following information is presented. 1. The current assets section includes cash $150,000, accounts receivable $170,000 less $10,000 for allow- ance for doubtful accounts, inventory $180,000, and unearned service revenue $5,000. Inventory is stated at the lower-of-FIFO-cost-or net realizable value. 2. The investments section includes land held for speculation $40,000; investments in ordinary shares short-term (trading) $80,000 and long-term (non-trading) $270,000; and bond sinking fund $250,000 The cost and fair value of investments in ordinary shares are the same. 3. Property, plant, and equipment includes buildings $1,040,000 less accumulated depreciation $360,000 equipment $450,000 less accumulated depreciation $180,000, land $500,000, and land held for future use $270,000 4. Intangible assets include a franchise $165,000 and goodwill $100,000 5. Current liabilities include accounts payable $140,000; notes payable-short-term $80,000 and long term $120,000; and income taxes payable $40,000