Please SHOW calculations for retained earnings and accumulated other comprehensive income.
The statement of nancial position of Concord Corporation as at December 31, 2017, is as follows: CONCORD CORPORATION Statement of Financial Position December 31, 2011 All!!! Goodwill (Note 1) $49,000 Buildings (Note 2) 1,148,000 Inventory 218,470 Investmentstrading (Note 3) 70,000 Land 665,000 Accounts receivable 119,000 Investments in shares (fair value through 0(1) (Note 3) 60,900 Cash 123,130 Asses allocated to trustee for plant expansion Cash 84,000 Treasury notes, at cost and fair value 96,600 $2,634,100 Equltils Notes payable (Note 4) $420,000 Common shares, unlimited authorized, 500,000 isued 511,000 Retained earnings 670,600 Accounts payabie 294,000 Appreciation capital (Note 2) 399,000 Income tax payable 52,500 Reserve for depreciation of building 287,000 $2,534,100 Note Goodwili in the amount of $49,000 was recognized because the company believed that the carrying amount of assets was not an accurate representation of the company's fair value. The gain of $49,000 was credited to 1: Retained Earnings. Note Buildings are stated at cost, except for one building that was recorded at its appraised value as management determined the building to be worth more than originaliv paid at acquisition. The excess of the appraisal value 2: over cost was $399,000. Depreciation has been recorded based on cost. Note Investmentstrading are fair value through net income investments and have a fair vaiue of $52,500. Investmenm in shares (fair value through 0C1) have a fair value of $140,000. Both investments are currently recorded 3: at cost. Note 4_ Notes payable are long-term except for the current instalment due of $70,000. ('3 Prepare a corrected classied statement of financial position in good form. The notes above are for information only. Assume that you have decided not to use the revaluation model for property, plant, and equipment. (Us! Current Assets In order of liquidity. List Property, Plant and Equipment in under oftand, buildings and Equlpment.) CONCORD CORPORATION Statement of Financial Position December 31, 2017 Assets Current Assets Cash $ 123,130 FV-NI Investments 52,500 Accounts Receivable 119,000 Inventory 218,470 Total Current Assets $ $13,100 Long-Term Investment FV-OCI Investments 140,000 Assets Allocated to Try Cash $ 123,130 Treasury Notes 96,600 219,730 Total Long-Term Inves 359,730 Property, Plant, and Ec Land 665,000 Buildings 749,000 ess Accumulated Depreciation - Buildings 287,000 462,000 1,127,000 Total Assets $ 1,486,730Liabilities and Shareholders' Equity Current Liabilities Accounts Payable $ 294,000 Income Tax Payable 52,500 Current Portion of Notes Payable 70,000 Total Current Liabilities 416,500 Long-Term Liabilities Notes Payable 350,000 Total Liabilities 766,500 Shareholders' Equity Common Shares 511,000 Retained Earnings Accumulated Other Comprehensive Income Total Shareholders' Eq Total Liabilities and Sh
