Rand Rowlands Corporations statement of financial position at the end of 2019 is as follows Rand Rowlands Corporation Statement of Financial Position As At December 31, 2019 Current Assets $ 2,210,000 Land 60,0000 Buildings 2,240,000 Accumulated Depreciation Buildings ( 260,000) Equipment 640,000 Accumulated Depreciation Equipment ( 22,000) Intangible Assets Patents 80,000 Total Assets $ 4,948,000 Current Liabilities $ 2,040,000 Bonds Payable 2,200,000 Common Shares 360,000 Retained Earnings 348,000 Total Liabilities Shareholders Equity $ 4,948,000 The following information is available for the 2020 fiscal year Net income was $782,000 Equipment (cost of $40,000 and accumulated depreciation of $16,000) was sold for $20,000 Depreciation expense was $8,000 on the building and $18,000 on equipment Amortization expense on a patent was $6,000 Current assets other than cash increased by $58,000 Current liabilities increased by $26,000 An addition to a building was completed at a cost of $62,000 An FV OCI investment in shares was purchased for $41,000 on the last day of the year This was the first such investment made by Rand Rowlands Corporation in its history Bonds payable of $150,000 were issued at par Cash dividends of $360,000 were declared and paid Dividends paid are treated as financing activities Rand Rowlands Corporation prepares financial statements in accordance with IFRS Required Prepare a Claasified Statement of Financial Position (SFP) as at December 31, 2020 ( Hint You will need to adjust (plug) the December 31, 2020 amount of current assets to ensure the SFP balances )

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Rand Rowlands Corporations statement of financial position at the end of 2019 is as follows:

Rand Rowlands Corporation

Statement of Financial Position

As At December 31, 2019

Current Assets .................................................................................. $ 2,210,000

Land .................................................................................................. 60,0000

Buildings ........................................................................................... 2,240,000

Accumulated Depreciation -Buildings .............................................. ( 260,000)

Equipment ......................................................................................... 640,000

Accumulated Depreciation - Equipment ........................................... ( 22,000)

Intangible Assets - Patents ............................................................... 80,000

Total Assets ...................................................................................... $ 4,948,000

Current Liabilities .............................................................................. $ 2,040,000

Bonds Payable ................................................................................. 2,200,000

Common Shares ............................................................................... 360,000

Retained Earnings ............................................................................ 348,000

Total Liabilities & Shareholders Equity ............................................ $ 4,948,000

The following information is available for the 2020 fiscal year:

Net income was $782,000.
Equipment (cost of $40,000 and accumulated depreciation of $16,000) was sold for $20,000.
Depreciation expense was $8,000 on the building and $18,000 on equipment.
Amortization expense on a patent was $6,000.
Current assets other than cash increased by $58,000. Current liabilities increased by $26,000.
An addition to a building was completed at a cost of $62,000.
An FV-OCI investment in shares was purchased for $41,000 on the last day of the year. This was the first such investment made by Rand Rowlands Corporation in its history.
Bonds payable of $150,000 were issued at par.
Cash dividends of $360,000 were declared and paid. Dividends paid are treated as financing activities.

Rand Rowlands Corporation prepares financial statements in accordance with IFRS.

Required:

Prepare a Claasified Statement of Financial Position (SFP) as at December 31, 2020. (Hint: You will need to adjust (plug) the December 31, 2020 amount of current assets to ensure the SFP balances.)