Instructions Prepare a corrected classified statement of financial position in good form. The notes above are for information only. P5.5 (L01, 2) Groupwork (Statement of Financial Position Adjustment and Preparation) Presented below is the statement of financial position of Sargent Corporation for the current year, 2019. Sargent Corporation Statement of Financial Position December 31, 2019 Investments $ 640,000 Equity $1,770,000 Property, plant, and equipment 1,720,000 Non-current liabilities 960,000 Intangible assets 265,000 Current liabilities 380.000 Current assets 485.000 $3.110,000 $3.110.000 The following information is presented. 1. The current assets section includes cash $150,000, accounts receivable $170,000 less $10,000 for allowance for doubtful accounts, inventory $180,000, and unearned service revenue $5,000. Inventory is stated at the lower-of-FIFO- cost-or net realizable value. 2. The investments section includes land held for speculation $40,000 investments in ordinary shares, short-term (trading) $80,000 and long-term (non-trading) $270,000; and bond sinking fund $250,000. The cost and fair value of investments in ordinary shares are the same. 3. Property, plant, and equipment includes buildings $1,040,000 less accumulated depreciation $360,000, equipment $450,000 less accumulated depreciation $180,000, land $500,000, and land held for future use $270,000. 4. Intangible assets include a franchise $165,000 and goodwill $100,000 5. Current liabilities include accounts payable $140,000; notes payable--short- term $80,000 and long-term $120,000, and income taxes payable $40,000 6. Non-current liabilities are composed solely of 7% bonds payable due 2027 7. Equity has share capital-preference, $5 par value, authorized 200,000 shares, issued 90,000 shares for $450,000; and share capital-ordinary, $1 par value, authorized 400,000 shares, issued 100,000 shares at an average price of $10. In addition, the company has retained earnings of $320,000