P5.10 The statement of financial position of Manion Corporation follows (in thousands):

Manion Corporation Statement of Financial Position December 31, 2020 Assets Current assets Cash $26,000 Accounts receivable 25,000 Inventory 20,000 Supplies 4,000 Investment in subsidiary company 38,000 $113,000 Investments Investments in shares 25,000 Property, plant, and equipment Buildings and land 91,000 Less: Reserve for depreciation 31,000 60,000 Other assets Investment in bonds to be held to maturity (at cost) 19,000 $217,000 Liabilities and shareholders' equity Current liabilities Accounts payable $22,000 Reserve for income taxes 15,000 Customer accounts with credit balances 1 $ 37,001 Long-term liabilities Bonds payable 62,000 Total liabilities 99,001 Shareholders' equity Common shares issued 85,000 Earned surplus and other accumulated surplus 24,999 Cash dividends declared 8,000 117,999 $217,000 Instructions Evaluate the statement of financial position. Briefly describe the proper treatment of any item that you find incorrect. Assume the company follows IFRS.