Sheffield 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: SHEFFIELD CORP Statement of Financial Position For the Year Ended December 31, 2020 Current assets Cash (net of bank overdraft of $48,000) Accounts receivable (net) $ 280,000 517.000 Inventory at the lower of cost and net realizable value 571,000 FV-N investments (at cost-fair value $ 140,000) 300,000 Property, plant and equipment Buildings (net) 590.000 Equipment (net) 270.000 Land held for future use 195.000 Intangible assets Intangible assets Goodwill 82,000 Investment in bonds to collect cash flows, at amortized cost 102,000 Prepaid expenses 17,000 Current liabilities a 375,000 Accounts payable Notes payable (due next year) 235,000 Pension obligation 101.000 Rent payable 62,000 Long-term liabilities Bonds payable 616,000 Shareholders' equity Common shares, unlimited authorized, 340,000 issued 340.000 Contributed surplus 220.000 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 balances Assume that the accumulated depreciation balance for the buildings is $170,000 and that the accumulated depreciation balance for the equipment is $245.000. The allowance for doubtful accounts has a balance of $30,000. 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) SHEFFIELD Corp. Statement of Financial Position For the Year Ended December 31, 2020 Assets Current Assets Cash SHEFFIELD Corp. Statement of Financial Position For the Year Ended December 31, 2020 Assets Current Assets Cash FV.NI Investments Accounts Receivable Less Allowance for Doubtful Accounts Inventory Prepaid Expenses Prepaid Expenses Total Current Assets Long-Term Investments Land Held for Future Use Investment in bonds to collect cash flows Property, plant and Equipment Buildings Accumulated Depreciation Buildings Equipment Less Accumulated Depreciation - Equipment Goodwill Total Assets Liabilities and Shareholders' Equity Current Liabilities Accounts Payable Notes Payable Bank Overdraft Rent Payable Total Current Liabilitles Long Term Liabilities Bonds Payable $ Pension Obligation Total Liabilities Shareholders' Equity Common Shares Contributed Surplus Retained Earnings Total Shareholders Equity Common Shares Contributed Surplus Retained Earnings Total Shareholders' Equity Total Liabilities and Shareholders' Equity V