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Golden corporation is a public company listed on the Toronto Stock Exchange TSX with a December 31 year-end. The following is the Statement of Financial
Golden corporation is a public company listed on the Toronto Stock Exchange "TSX" with a December 31 year-end. The following is the Statement of Financial Position as at December 31, 2021 prepared internally by management. Assets Cash Golden Corporation Statement of Financial Position December 31, 2021 $150,000 Accounts receivable 75,000 Assets Cash Accounts receivable Property, plant and equipment (net) Inventory $150,000 75,000 1,408,000 212,000 Investments 950,000 $2,795,000 Liabilities and Shareholders' Equity Accounts payable $125,000 50.000 Investments Liabilities and Shareholders' Equity Accounts payable Income tax payable Long-term debt Retained earnings Common shares, unlimited authorized, 200,000 issued 950,000 $2,795,000 $125,000 50,000 $650,000 1,200,000 770,000 $2,795,000 The following additional information is provided: 1. Included in accounts receivable is an amount of $15,000 from a customer with financial difficulties. As per management, the collectability of this amount is doubtful. 2. Property, plant and equipment includes an equipment costing $65,000 with accumulated depreciation of $42,500. This equipment is no longer used and is held for sale. The accumulated depreciation on the other property, plant and equipment is $577,500. 3. Inventory does not include goods costing $8,000 shipped on consignment. Receivables of $8,000 were recorded on these goods. The goods have not yet been sold by the consignee. 4. Investments are recorded at cost and consist of: $225,000 Investments-trading FV-NI (Fair value through net income) with fair value of $175,000 $400,000 Investments in shares (FV-OCI) with fair value of 4. Investments are recorded at cost and consist of: $225,000 Investments-trading FV-NI (Fair value through net income) with fair value of $175,000 $400,000 Investments in shares (FV-OCI) with fair value of $470,000 $325,000 Patents with indefinite useful lives. 5. Long-term debt includes current principal instalment due of $250,000. Required: Prepare a corrected classified statement of financial position in good form
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