Note $1$: Goodwill in the amount of $153,600$ was recognized because the company believed that book value was not an accurate

representation of the fair value of the company. The gain of $153,600$ was credited to Retained Earnings.

Note $2$: Notes payable are non$-$current except for the current installment due of $100,000.$

Prepare a corrected classified statement of financial position in good form. The notes above are for information only. $($List Current

Assets in reverse order of liquidity.$)$The statement of financial position of Concord Ltd$.$ as of December $31,2022,$ is as follows.

Concord Ltd$.$

Statement of Financial Position

December $31,2022$

Assets

Goodwill $($Note $1)$

Buildings

$2,099,200$

Inventory

$399,440$

Land

$1,216,000$

Accounts receivable

$217,600$

Treasury stock $(50,000$ shares$)$

$111,360$

Cash on hand

$227,600$

Assets allocated to trustee for plant expansion

Cash in bank

$89,600$

Treasury notes, at cost and fair value