Question 1 - A Further look to Financial Statement (20 points) 1A The following items is taken from December 31, 2020, assets section of the Boeing Company balance sheet (All dollars are in millions). Inventory $9,563 Notes receivable - due after Dec 31, 2021, $6,777 Notes receivable - due before Dec 31 2021 $ 328 Accumulated Depreciation - buildings Patents Buildings Cash Accounts receivables Debt investment Instructions $ 11,915 $ 16,664 $ 20,180 $ 7,042 $ 5,740 $ $2,266 Prepare the assets section of a classified balance sheet, listing the current assts in order of their liquidity. (10 points) 1B. The following situations involve accounting principles and assumptions. 1. Virtue Company owns land that is worth substantially more than it originally cost. To provide more relevant information, Virtue reports the land at market value in its accounting reports. 2. Benjamin Company includes in its accounting records only transaction data that can be expressed in terms of money. 3. Josh Burke, owner of Josh's MovieHouse, records his personal living costs as expenses of the MovieHouse. Instructions For each of the three situations, say if the accounting method is current or incorrect. If correct, identify which principle or assumption supports the method used. If incorrect, identify which principle or assumption has been violated. (10 points)