Novak Corp. has decided to expand its operations. The bookkeeper recently completed the following statement of financial position in order to obtain additional funds for expansion: NOVAK CORP Statement of Financial Position For the Year Ended December 31, 2017 Current assets Cash (net of bank overdraft of $40,000) Accounts receivable (net) Inventory at the lower of cost and net realizable value FV-NI investments (at cost-fair value $160,000) 410,000 476,000 601,000 290,000 Property, plant, and equipment Building (net) Equipment (net) Land held for future use 720,000 170,000 285,000 Intangible assets Goodwill Investment in bonds to be held until maturity, at amortized cost Prepaid expenses 92,000 91,000 29,000 Current liabilities Accounts payable Notes payable (due next year) Pension obligation Rent payable 275,000 315,000 90,000 50,000 Long-term liabilities Bonds payable 708,000 Shareholders' equity Common shares, unlimited authorized, 350,000 issued Contributed surplus Retained earnings 350,000 380,000 Prepare a revised statement of financial position using the available information. Assume that the bank overdraft relates to a bank account held at a different bank from the account with the cash balance. Assume that the accumulated depreciation balance for the buildings is $340,000 and that the accumulated depreciation balance for the equipment is $275,000. The allowance for doubtful accounts has a balance of $37,000. The pension obligation is considered a long-term liability. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Equipment.) NOVAK Corp Statement of Financial Position Assets