financial position on the date of purchase: Norzalin Company Statement of Financial Position On 1 January 2022 Land 250,000 Capital 350,000 Copyrights 150,000 Share premium 20,000 Inventories 100,000 Loan 130,000 Total Assets 500,000 Total equity & 500,000 Liabilities Additional Information: - Land is undervalued by 50,000 - Inventories are overvalued by 20,000