Hance Lane, is preparing for a meeting with investors. He would like to provide appropriate information about his companys financial position. Lance has provided the following accounts and balances at December 31, 2019, for Lance Livestrong Company. Debit Credit Cash P50,000 Accounts receivable (net) 38,500 Inventories 65,300 Equipment (net) 104,000 Patents 20,000 Notes and accounts payable P52,000 Non-current liabilities 100,000 Equity 125,800 P277,800 P277,800 Except for the following items, all adjustments have been recorded in the accounts. 1. Cash includes P200 petty cash and P20,000 in a fund designated for plant expansion in 2022. 2. The net accounts receivable is comprised of (a) accounts receivable P52,000 and (b) allowance for doubtful accounts P13,500. 3. Equipment had a cost of P132,000 and accumulated depreciation of P28,000. 4. Notes and Accounts Payable is comprised of the following : Accounts Payable P32,000; Taxes Payable P3,000; and Note Payable P17,000, due June 30, 2020. 5. Non-current liabilities are 10-year bonds paying interest at 9%, and maturing June 30, 2027. 6. Equity is comprised of Share Capital Ordinary (P1 par) P50,000; Share Capital Premium P55,000; and Retained Earnings P20,800. Requirements: 1. Prepare a corrected classified statement of financial position for Lance Livestrong Company at December 31, 2019. 2. Livestrong is proud of his reporting and disclosure practices. He provides the three primary financial statements along with a presidents letter describing the companys accomplishments for the past year. He is wondering whether there are specific guidelines for presenting current and non-current assets and liabilities, as well as the prescribed order and format for presenting items in the statement of financial position. Advise Livestrong about these issues.