P1,000,000, and ordinary share capital, P20 par value, Magna Company reported the following statement of Long term liabilities 2.000.000 Equity has preference share capital, no par value, P5 stated value, authorized 300,000 shares, issued 150,000 shares for 1,500,000 phone Problem 2-3 (IAA) financial position on December 31, 2020. Current liabilities 6,450,000 Equity Current assets Investments Tangible assets Intangible assets 2.000.000 400,000 7.150.000 400,000 9,950,000 9,950,000 authorized 400,000 shares, issued 100,000 shares of P30 per share. Tangible assets include building P5,000,000 less accumulated accumulated depreciation P400,000, land P1,250,000, and land held for future plant site P1,500,000 The current assets include: Cash P400,000, accounts receivable P750,000 less P50,000 for allowance for doubtful accounts, inventories P800,000, and prepaid expenses P100,000. The investments include the cash surrender value of a life insurance contract P50,000, investment in securities, short-term, P100,000, and long-term, P250,000. Intangible assets include a franchise P100,000, goodwill P200,000 and discount on bonds payable P100,000. Current liabilities include accounts payable P400,000, notes payable-short-term debt P450,000, and long-term P300,000, P200,000. * taxes payable P150,000, and appropriation for contingencies * Long-term liabilities comprised solely of 12% bonds payable due on December 31, 2023. Required: Prepare in good form a properly classified statement of financial position with appropriate notes. 62