Problem 2-7 Below is the opening Statement of Financial Position for Peter's Pitch & Putt, a par-3 golf course. Peter's Pitch & Putt Statement of Financial Position as at March 1, 20x5 ASSETS Current Assets Cash Accounts Receivable Supplies Inventories $42,500 6,200 400 4,800 53,900 Noncurrent Assets Land Machinery and equipment 400,000 24,000 424,000 $477,900 LIABILITIES & SHAREHOLDERS' EQUITY Current liabilities Accounts payable $8,600 Shareholders' Equity Common Shares Retained Earnings 300,000 169,300 468,900 $477,900