PART B Far East Limited is preparing its statement of financial position as of December 31, 2023. There are some issues regarding the correct classification of the following: a. Investment of $ 100,000 in the money market funds. The maturity date was due on 18 February 2024. b. Prepaid rent of $ 48,000, covering January 1, 2024 to December 31, 2025. c. Notes payable $ 400,000 issued on 31 December 2023. The notes were paid in cash installments of $ 44,000 each on 31 Dec. The first installment (principal repayment 40,000, interest expense 4,000) was paid on December 31, 2024. d. Deferred revenues $24,000 for services performed in 2024. e. Investment in shares of other companies, $ 160,000. Continental plans to sell half of its shares by 2024. Requirement Students are required to prepare a statement of financial position with proper classifications & sub-classifications based on the information given above together with the following accounts: Land $200,000; Buildings $240,000; Accumulated depreciation - Building $60,000; Patents purchased from outsider $120,000; Management skills estimated $400,000; Investment property in Land $340,000; Ordinary share capital $580,000: Retained earnings $144,000