Question 1: (25 marks): CPA Advisory corporation is maintaining its accounts on a calendar year basis. The business adjusts and closes its accounts at the end of the year. On December 31, 2020, the following balances appeared in the Un-Adjusted trial balance: Prepaid insurance Unearned Service revenue Office Equipment Accumulated depreciation, Office Equipment Land Accounts receivable Salaries expense Trading investments Interest expense Notes payable (Long Term) Accounts payable Trademarks Non-Trading Investments Interest Revenue Dividends Share Capital Cash Land held for future expansion Selling Equipment Accumulated depreciation, Selling Equipment Notes receivable Office Supplies Rent expense Service Revenue Utilities expense Retained Earnings 12.000 30,000 200,000 25,000 300,000 60,000 20,000 6,000 6,000 25,000 40,000 150,000 25,000 18,000 12,000 450,000 22,000 100,000 120,000 30,000 20,000 8,000 2,000 250,000 5,000 200,000 2. Additional Information: 1. The amount in the prepaid insurance represents a 4-year insurance policy that started on 31 December 2020. An inventory of Office supplies on 31 December 2020 revealed that office supplies on hand amounted to $8,000. The Office Equipment has an estimated useful life of 20 years, residual value $20,000 and depreciation is calculated using the Double Declining balance method. 4. The Selling Equipment has an estimated useful life of 10 years, zero residual value and depreciation is calculated using the Double Declining balance method. The amount credited to the unearned Service revenue in the unadjusted trial balance represent advance payment for a 3-year service contract that started 1 October 2020. 6. Estimated Income taxes for the year, $ 25,000. 3. 5. Required: Prepare a Classified Statement of Financial Position for _CPA Advisory Corporation as of 31 December 2020