Onestion (30 marks) 2. The allowance for doubtful accounts $8,400. 3. The net realizable value of the inventory that is included in the Balance Sheet is $65,000. - Inventories do not include $45,000 of merchandise that was in transit at December 31. - Of this amount, $20,000 was bought from ONG Inc. with terms f.o.b. destination point (the net realizable value of this inventory was $34,000 ) - The remainder of inventory that cost $20,000 was shipped from Village to Park Inc. for consignment. The net realizable value for this inventory is $36,000. 4. The investments section includes the following: - An interest bearing note receivable of $10,000 that was issued on October 1t*t,2020 bearing interest at 3% and is due on October 1, 2021 - Long-term FV-OCl investment $8,000 carning value (fair value $12,000 at December 31,2020). Management plans on holding on to these investments for a number of years. - FV-NI Investment 1,000 common shares of Landon Inc. purchased at $12.00 per share (fair value $9.50 per share at December 31,2020 ). Village expected to sell the shares as soon as the market price increases more next year. 5. The land balance includes: land used for operations and recorded at its cost of $200,000 (the appraisal value of the land in 2020 was $500,000 ). The company doesn't use the revaluation model. 6. The building originally cost $800,000. Depreciation for 2020 has already been recorded. Scotiabank has pledged the building as security for their $600,000 loan to Village Corp. (collateral), the loan bears annual interests at 8%. 7. The tradename originally cost $24,000 and is being amortized over 6 years on a straight-line basis. Amortization for 2020 had already been recorded. Remuired: Part 1 (16 marks) The company is a Canadian public company. Restate the asset side of Village's Statement of Financial Position sheet at December 31, 2020 in good form. The categories are: Current Assets, Long-term Investments, Property, Plant \& Equipment and Intangible Assets. Part 2 ( 4 marks) Including any disclosure requirements. Part 3 (6 marks) Based on any changes to the value of the assets what account would be included in the Statement of Earnings and what section would each of the items be included in? Do not include Amortization Expense or Bad Debt Expense. Part 4 (1 mark) Assuming the Accumulated Other Comprehensive Income was $10,000 at the beginning of 2020, what would be the Accumulated Other Comprehensive Income at the end of the 2020
