not intend to liquidate any investments in the coming year. Required: Identify and explain the deficiencies in the statement prepared by the company's accountant. Include in your answer items that require additional disclosure, either on the face of the statement or in a note. You recently joined the auditing staff of Best, Best, and Krug, CPAs. You have been assigned to the audit of Clear view, Inc., and have been asked by the audit senior to examine the balance sheet prepared by Clearview's accountant. Judgment Case 3-6 Financial disclosures L03-4 $ 10.5 112.1 220.6 5.5 CLEARVIEW, INC. Balance Sheet At December 31, 2021 ($ in millions) Assets Current assets: Cash Accounts receivable Inventory Prepaid expenses Total current assets Investments Property, plant, and equipment (net) Total assets Liabilities and Shareholders' Equity Current liabilities: Accounts payable Accrued taxes and interest Current maturities of long-term debt Total current liabilities Long-term liabilities: Total liabilities Shareholders' equity: Common stock $100.0 Retained earnings 208.6 Total shareholders' equity Total liabilities and shareholders' equity 348.7 22.0 486.9 $857.6 $ 83.5 25.5 20.0 129.0 420.0 549.0 308.6 $857.6 Required: Identify the items in the statement that most likely would require further disclosure either on the face of the statement or in a note. Further identify those items that would require disclosure in the significant accounting policies