Question 5 of 6 73 View Policies Current Attempt in Progress The statement of financial position of Blue Spruce Corporation as at December 31, 2020, is as follows BLUE SPRUCE CORPORATION Statement of Financial Position December 31, 2020 Assets Goodwill (Note 1) Buildings (Note 2) Inventory Investments-trading (Note 3) h Land Accounts receivable Tnvestments in shares (FV-OCI) (Note 4) Cash Assets allocated to trustee for plant expansion Cash Treasury notes at cost and fair value $38,500 902.000 171,655 55,000 522,500 93,500 47.850 96,745 66,000 75.900 $2.069.650 Equities Notes payable (Note 4) Common shares, unlimited authorized 500.000 issued Retained earnings Accounts payable Appreciation capital (Note 2) Income tax payable Reserve for depreciation of bullding $330.000 632 500 388 300 138.600 313 500 41.250 225.500 $2.069.650 2: Note Goodwill in the amount of $38,500 was recognized because the company believed that the carrying amount of assets was 1: not an accurate representation of the company's fair value. The gain of $38,500 was credited to retained Earnings. Note 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 $313,500 Depreciation has been recorded based on cost. Note Investments--trading are FV-NI (fair value through net income) investments and have a fair value of $41.250. Investments 3: in shares (FV-OCI) have a fair value of $110,000. Both investments are currently recorded at cost. Note Notes payable are long-term except for the current principal instalment due of $55,000. 4: 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.)