E 31-6 - Preparation of statement of financial position presented below is the statement of financial position of Shey Corporation prepared by the chief accountant for the current year, 2021. Shey Corporation Statement of Financial Position Dec. 31, 2021 Current assets P 435,000 Investments 640,000 Property plant, and equipment 1,720,000 Intangible assets 305,000 P3,100,000 Current liabilities P 330,000 Long-term liabilities 1,000,000 Shareholders' equity 1,770,000 P3,100,00031-28 | Intermediate Accounting Vol. III 2022 Edition by R. R. Ocampo Consider the following information: a. The current assets section includes: cash P100,090, accounts receivable P170,000 less P10,000 for allowance for doubts accounts, inventories P180,000, and unearned revenue P5,006 The cash balance is composed of P114,000, less a bank overdraft P14,000. Inventories are stated on the lower of FIFO cost of market. b. The investments section includes: the cash surrender value of a life insurance contract P40,000; investment in ordinary shares, sh term (trading) P80,000 and long-term (designated at FVTOCI P270,000; and bond sinking fund P250,000. The cost and fair value of investments in ordinary shares are the same. C. Property, plant, and equipment includes: buildings P1,040,000 less accumulated depreciation P360,000; equipment P450,000 less accumulated depreciation P180,000; land P500,000; and land held for future use P270,000. d. Intangible assets include: a franchise P165,000: goodwill P100,000; and discount on bonds payable P40,000. e. Current liabilities include: accounts payable P90,000; notes payable - short term P80,000 and long - term P120,000: and taxes payable P40,000. f. Long - term liabilities are composed solely of 10% bonds payable due 2025. g. Shareholders' equity has: preference shares, no par value, authorized 200,000 shares, issued 70,000 shares for P450,000; and ordinary shares, P1.00 par value, authorized 400,000 shares, issued 100,000 shares at an average price of P10. In addition, the corporation has retained earnings of P320,000. equired: repare a statement of financial position in accordance with PAS 1