Grebe Inc. had the following as at December 31, 2020: Cash balances in the cash registers at its retail outlets Accounts receivable (net of doubtful accounts) Petty cash balances in head office Chequing account at the Bank of Toyland Accounts payable Inventory of goods for resale (at the lower of cost of market value) Term deposits with Investor's Trust Land (at cost) Building (at cost) Accumulated depreciation on building Mortgage owed to Property Trust Inc. Bank loan (repayable on demand) Utility deposit with City Hydro Utility expense owed to City Hydro Rent paid in advance Shares in Dow Chemical Inc. (at cost; market value at 31/12/2020: $250.000) Plant & equipment (at cost) Accumulated depreciation on plant Intangible assets (at cost) $112,000 $992,000 $2,000 $48.000 $666.000 $750,000 $500.000 $500,000 $400,000 $50,000 $225,000 $245,000 $2,000 $8,000 $5,000 $200,000 $750,000 $200.000 $235,000 Required (a) Show how these items would be reported in the current assets sec- tion of the balance sheet for December 31, 2020. (b) Show how these items would be reported in the long-term assets section of the balance sheet for December 31, 2020. (c) What is the total asset value on the balance sheet as at December 31, 2020? (d) Do you think that the total asset value on the balance sheet is a fair representation of the value of the assets? Explain where you think it is not fair and why. 179