Problem 7-67A Financial Statement Presentation of Capital Assets Olympic Acquisitions Corp. prepared the following post-closing trial balance at December 31, 2018: Debit Credit $5,400 Cash Accounts receivable Supplies 16,200 Land Buildings Equipment 25,800 42,350 155,900 278,650 31,100 49,600 313,500 94,600 Truck Franchise Goodwill Natural resources Equipment Truck 278,650 31,100 49,600 313,500 Franchise Goodwill Natural resources 94,600 Accounts payable Accumulated depreciation, buildings Accumulated depreciation, equipment Accumulated depreciation, truck Wages payable $4,250 112,000 153,000 16,300 6,850 7,125 12,125 185,550 304,500 Interest payable Income tax payable Notes payable (due in 8 years) Common shares Retained earnings 211,400 Totals $1,013,100 $1,013,100 SURE Required: Prepare a classified statement of financial position for Olympic at December 31, 2018. (Note: Olympic reports the four categories of capital assets in separate subsections of assets.) Olympic Acquisitions Corp. Statement of Financial Position December 31, 2018 Current assets: Cash Accounts receivable Supplies Total current assets Property, plant, and equipment: Land Buildings Less: Accumulated depreciation Equipment Less: Accumulated depreciation Truck Less: Accumulated depreciation Intangible assets: Franchise Goodwill Goodwill Natural resources Total assets Liabilities Current liabilities: Accounts payable Wages payable Interest payable Income taxes payable Total current liabilities Long-term liabilities: Notes payable Total liabilities Shareholders' Equity Shareholders' equity: Common shares Retained earnings Total shareholders' equity Total liabilities and shareholders' equity FERTER