Question 1 of 4 - /20 III Assets Current Assets Total Assets Shareholders' Equity Current Liabilities Current Assets $ Property, Plant, and Equipment ts Long-Term Investments Total Current Liabilities Total Current Assets Total Liabilities Total Shareholders' Equity Total Liabilities and Shareholders' Equity Long-Term Liabilities Flint Corp. has decided to expand its operations. The bookkeeper recently completed the following statement of financial position in order to obtain additional funds for expansion: FLINT CORP. Statement of Financial Position For the Year Ended December 31, 2020 Current assets Cash (net of bank overdraft of $40,000) $ 450,000 Accounts receivable (net) 505,000 Inventory at the lower of cost and net realizable value 511,000 FV-NI investments (at cost-fair value $190.000) 340,000 Property.plant, and equipment Buildings (net) 590,000 Equipment (net) 190,000 Land held for future use 265,000 Intangible assets Goodwill 100,000 Investment in bonds to collect cash flows, at amortized cost 101,000 Prepaid expenses 19.000 Current liabilities Accounts payable 365,000 Notes payable (due next year) 295,000 Pension obligation 98,000 Rent payable 65,000 Long-term liabilities Bonds payable 681,000 Shareholders' equity Common shares, unlimited authorized, 380,000 issued 380,000 Contributed surplus 210,000 Retained earnings ? (a) Prepare a revised statement of financial position using the available information. Assume that the bank overdraft relates to a bank account held at a different bank from the account with the cash balance. Assume that the accumulated depreciation balance for the buildings is $210,000 and that the accumulated depreciation balance for the equipment is $145,000. The allowance for doubtful accounts has a balance of $27,000. The pension obligation is considered a long-term liability. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Equipment.) FLINT Corp Statement of Financial Position December 31, 2020 Assets Current Assets Cash Accounts Receivable Inventory $ Less : Allowance for Doubtful Accounts > $ Liabilities and Shareholders' Equity Liabilities and Shareholders' Equity