Problem #3The liabilities section of Boom Ltd.s Statement of Financial Position is shown below. Boom Ltd. Statement of Financial Position (partial)June 30, 2022 Current Liabilities Accounts payable $12,500 Provisions 2,500 Rent payable 3,875 Deferred revenue 7,500 Notes payable 15,000 Lease Liability 50,000 Long term liabilities Bonds payable (due 2030) 1,910,000 Notes payable 7% (June 30, 2027) 150,000Additional information:1.The notes payable balance is for a 6-month loan taken by Boom on January 31, 2022. The loan is due July 31, 2022. Interest (6%) and principal are due at maturity. No interest expense has yet been recorded on this loan. 2.During 2021, 5% of the fireworks manufactured by Boom were returned due to faulty operation. This percentage is normal and expected in this industry. The value shown under provisions for $2,500 is the value of expected refunds the company will need to make for the period, based on 5% of sales in 2022.3.During the period January 1 through June 30, deferred revenues were earned totalling $5,500. These earned revenues are not reflected in the above statement.4.While the following salaries and employee benefits have accrued for the month, they are not reflected in the above statement: Salaries accrued$10,000CPP (employee share)$495EI (employee share)$188CPP (employer share)$495EI (employer share)$263Employee income tax payable$1,8935.Annual payments on the lease liability are $5,000 per year.6.The 7% note payable value includes the current portion of the loan. The loan principal will be repaid in equal amounts over the next five years.7.Bonds have a Face Value of $2,000,000 and interest is paid semi-annually on January 1 and July 1, the stated interest rate is 6% and the interest rate on the date of issue was 7%. The year-end adjusting entry to recognize interest expense on June 30, 2022 has not yet been made. Instructions: Prepare a corrected partial classified statement of financial position.