please solve the following question: The following statement of financial position has been sumbittef to you by an employee..

The following statement of financial position has been submitted to you by an employee in the accounting department who has recently received notice of termination. It contains many errors in terminology, classification, and numbers. Hathaway follows IFRS. Hathaway inc: Financial Position For the Period Ended December 31, 2021 Assets Current Assets \begin{tabular}{|l|l|l|} \hline Accounts receivable & & 175,000 \\ \hline Cash & 80,000 \\ \hline Inventory & 220,000 \\ \hline Fixed Assets-Intangible & 80,000 \\ \hline Goodwill & 40,000 \\ \hline Notes receivable (short term) & 26,000 & 146,000 \\ \hline Patents & \\ \hline Deferred Charges & 60,000 \\ \hline Advances to salespersons (due Feb. 2022) & 27,000 \\ \hline Prepaid rent & $1,235,000 \\ \hline TOTAL ASsEtS & \\ \hline \end{tabular} Liabilities Current Liabilities Equity Common shares, no par value, issued 12,000 shares $240,000 Dividends paid during the year (20,000) Earned surplus 23,000 Other accumulated past income 100,000 Note 1. The reserve for contingencies has been created by charges to earned surplus and has been established to provide a cushion for future uncertainties. Note 2. The inventory account includes only items physically present at the main plant and warehouse. Items located at the companys branch sales office, amounting to $30,000, are excluded since the company has consistently followed this procedure for many years. quired: are the 2021 classified Statement of Financial Position in good form. Fix all errors in classification, terminology, and number Note Do not simply rewrite the terrible balance sheet above. Use the information in Chapter 5 and present a numerically correct balance sheet with good format that complies with IFRS classifications, terminology, and standards. Carefully consider each line of the statement and correct the statement so that it conforms with current standards. Use a Word table with three number columns. The following statement of financial position has been submitted to you by an employee in the accounting department who has recently received notice of termination. It contains many errors in terminology, classification, and numbers. Hathaway follows IFRS. Hathaway inc: Financial Position For the Period Ended December 31, 2021 Assets Current Assets \begin{tabular}{|l|l|l|} \hline Accounts receivable & & 175,000 \\ \hline Cash & 80,000 \\ \hline Inventory & 220,000 \\ \hline Fixed Assets-Intangible & 80,000 \\ \hline Goodwill & 40,000 \\ \hline Notes receivable (short term) & 26,000 & 146,000 \\ \hline Patents & \\ \hline Deferred Charges & 60,000 \\ \hline Advances to salespersons (due Feb. 2022) & 27,000 \\ \hline Prepaid rent & $1,235,000 \\ \hline TOTAL ASsEtS & \\ \hline \end{tabular} Liabilities Current Liabilities Equity Common shares, no par value, issued 12,000 shares $240,000 Dividends paid during the year (20,000) Earned surplus 23,000 Other accumulated past income 100,000 Note 1. The reserve for contingencies has been created by charges to earned surplus and has been established to provide a cushion for future uncertainties. Note 2. The inventory account includes only items physically present at the main plant and warehouse. Items located at the companys branch sales office, amounting to $30,000, are excluded since the company has consistently followed this procedure for many years. quired: are the 2021 classified Statement of Financial Position in good form. Fix all errors in classification, terminology, and number Note Do not simply rewrite the terrible balance sheet above. Use the information in Chapter 5 and present a numerically correct balance sheet with good format that complies with IFRS classifications, terminology, and standards. Carefully consider each line of the statement and correct the statement so that it conforms with current standards. Use a Word table with three number columns