Part 4: Statement of Financial Position (30 minutes) The trial balance of Vancouver Inc. and other related information for the year 2020 follows: VANCOUVER INC. Trial Balance December 31, 2020 Debits Credits Cash $52,000 Accounts receivable 165,500 Allowance for doubtful accounts $9,500 Prepaid insurance 6,800 Inventory 193,600 FV-OCI Investments 339,000 Land 86,000 Construction in progress 124,000 Intangible assetspatents 36,000 Equipment 400,000 Accumulated depreciationequipment 240,000 Accounts payable 147,200 Accrued liabilities 49,200 Notes payable 94,000 Bonds payable 180,000 Common shares 500,000 Accumulated other comprehensive income 45,000 Retained earnings 138,000 $1,402,900 $1,402,900 Additional information: 1. The inventory has a net realizable value of $414,000. The FIFO method of inventory valuation is used. 2. The fair valueOCI investments fair value is $378,000. 3. The amount of the Construction in Process account represents the costs to date on a building in the process of construction. (The company is renting factory space while waiting for the new building to be completed.) The land that the building is being constructed on cost $86,000, as shown in the trial balance. 4. The company purchased the patents at a cost of $60,000 and the patents are being amortized on a straight-line basis. 5. The bonds payable have a face value of $200,000, bear interest at 7% payable every December 31, and are due January 1, 2032. ACCT 3310 Intermediate Financial Accounting I SPRING 2021 KWANTLEN POLYTECHNIC UNIVERSITY 6. Of the remaining $20,000 unamortized discount on bonds payable (face value $200,000 less carrying amount $180,000), $2,000 will be amortized in 2021. 7. The notes payable represent bank loans that are secured by fair valueOCI investments carried at $120,000. These bank loans are due in 2021. 8. For common shares, an unlimited number are authorized and 500,000 are issued and outstanding. Instructions: Prepare a statement of financial position as at December 31, 2020, ensuring that all important information is fully disclosed.