P5.9 The statement of financial position of Sargent Corporation follows for the current year, 2023: Sargent Corporation Statement of Financial Position December 31, 2023 $485,000 R Current assets Investments Property, plant, and equipment Intangible assets The following additional information is available: 640,000 Current liabilities Long-term liabilities $380,000 960,000 1,720,000 Shareholders' equity 1,770,000 265,000 $3,110,000 $3,110,000 1. The current assets section includes the following: cash $150,000; accounts receivable $170,000, less $10,000 allowance for expected credit losses; inventory $180,000; and unearned revenue $5,000. The cash balance is composed of $190,000, less a bank overdraft of $40,000 (at a separate financial institution). Inventory is stated at the lower of FIFO cost and net realizable value. 2. The investments section includes the following: note receivable from a related company, due in 2029, $40,000; FV-NI investments in shares $80,000 (fair value $80,000); FV-OCI investments in shares $125,000 (fair value $155,000); bond sinking fund $250,000; and patents $115,000, net of accumulated amortization. 3. Property, plant, and equipment include buildings $1,040,000, less accumulated depreciation $360,000; equipment $450,000, less accumulated depreciation $180,000; land $500,000; and land held for future use $270,000. 4. Intangible assets include franchise, net of accumulated amortization, $265,000. 5. Current liabilities include the following: accounts payable $140,000; notes payable, short term $80,000, long term $120,000; and income tax payable $40,000. 6. Long-term liabilities are composed solely of 7% bonds payable issued at a discount, due in 2031. 7. Shareholders' equity has 70,000 preferred shares (200,000 authorized), which were issued for $450,000, and 100,000 common shares (unlimited number authorized), which were issued at an average price of $10 per share. In addition, the corporation has retained earnings of $290,000 and accumulated other comprehensive income of $30,000. Instructions a. Prepare a statement of financial position in good form. (Adjust the amounts in each SFP classification based on the additional information.) b. Digging Deeper What makes the condensed format of the original SFP inadequate in terms of the amount of detail that needs to be disclosed under IFRS and ASPE?