Problem 5 4 a The statement of financial position of Culver Corporation as at December 31, 2020, is as follows CULVER CORPORATION Statement of Financial Position December 31, 2020 Assets Goodwill (Note 1) $52,500 Buildings (Note 2) 1,230,000 Inventory 234,075 Investmentstrading (Note 3) 75,000 Land 712,500 Accounts receivable 127,500 Investments in shares (FV OCI) (Note 4) 65,250 Cash 131,925 Assets allocated to trustee for plant expansion Cash 90,000 Treasury notes, at cost and fair value 103,500 $2,822,250 Equities Notes payable (Note 4) $450,000 Common shares, unlimited authorized, 500,000 issued 862,500 Retained earnings 529,500 Accounts payable 189,000 Appreciation capital (Note 2) 427,500 Income tax payable 56,250 Reserve for depreciation of building 307,500 $2,822,250 Note 1 Goodwill in the amount of $52,500 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 $52,500 was credited to Retained Earnings Note 2 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 originally paid at acquisition The excess of the appraisal value over cost was $427,500 Depreciation has been recorded based on cost Note 3 Investmentstrading are FV NI (fair value through net income) investments and have a fair value of $56,250 Investments in shares (FV OCI) have a fair value of $150,000 Both investments are currently recorded at cost Note 4 Notes payable are long term except for the current principal instalment due of $75,000 (a) Prepare a corrected classified 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 (List Current Assets in order of liquidity List Property, Plant and Equipment in order of Land, Buildings and Equipment )

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Problem 5-4 a The statement of financial position of Culver Corporation as at December 31, 2020, is as follows: CULVER CORPORATION Statement of Financial Position

Problem 5-4 a

The statement of financial position of Culver Corporation as at December 31, 2020, is as follows:

CULVER CORPORATION Statement of Financial Position December 31, 2020
Assets
Goodwill (Note 1)		$52,500
Buildings (Note 2)		1,230,000
Inventory		234,075
Investmentstrading (Note 3)		75,000
Land		712,500
Accounts receivable		127,500
Investments in shares (FV-OCI) (Note 4)		65,250
Cash		131,925
Assets allocated to trustee for plant expansion
	Cash	90,000
	Treasury notes, at cost and fair value	103,500
		$2,822,250
Equities
Notes payable (Note 4)		$450,000
Common shares, unlimited authorized, 500,000 issued		862,500
Retained earnings		529,500
Accounts payable		189,000
Appreciation capital (Note 2)		427,500
Income tax payable		56,250
Reserve for depreciation of building		307,500
		$2,822,250

Note 1:	Goodwill in the amount of $52,500 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 $52,500 was credited to Retained Earnings.
Note 2:	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 originally paid at acquisition. The excess of the appraisal value over cost was $427,500. Depreciation has been recorded based on cost.
Note 3:	Investmentstrading are FV-NI (fair value through net income) investments and have a fair value of $56,250. Investments in shares (FV-OCI) have a fair value of $150,000. Both investments are currently recorded at cost.
Note 4:	Notes payable are long-term except for the current principal instalment due of $75,000.

(a) Prepare a corrected classified 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. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Equipment.)