Statement of financial position items for Sarasota Inc. follow for the current year, 2020:

Goodwill		$ 127,500		Accumulated depreciationequipment		$ 297,840
Bank loan		181,143		Inventory		244,596
Bonds payable due 2024		290,400		Rent payable		45,900
Cash		367,200		Income tax payable		100,329
Land		489,600		Rent payable (long-term)		489,600
Notes receivable		454,614		Common shares (20,000 shares issued)		204,000
Notes payable		270,300		Preferred shares (15,000 shares issued)		153,000
Accounts payable		499,800		Prepaid expenses		89,678
Retained earnings		?		Equipment		1,499,400
Income tax receivable		99,583		FV-NI investments		123,420
Notes payable (due in five years)		1,632,000		Accumulated depreciationbuildings		275,604
				Buildings		1,672,800

(a) Prepare a classified statement of financial position in good form. The numbers of authorized shares are as follows: unlimited common and 20,000 preferred. Assume that income tax accounts, notes receivable, bank loan, and notes payable are short-term, unless stated otherwise, and that the FV-NI investments are stated at fair value. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Equipment.)

Sarasota Inc. Statement of Financial Position For the Year Ended December 31, 2020For the Month Ended December 31, 2020December 31, 2020
Assets
Total Long-Term LiabilitiesCurrent LiabilitiesCapital SharesTotal Current AssetsLong-Term LiabilitiesCurrent AssetsShareholders' EquityProperty, Plant, and EquipmentTotal Liabilities and Shareholders' EquityTotal Current LiabilitiesTotal Shareholders' EquityTotal LiabilitiesTotal AssetsTotal Property, Plant, and Equipment
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Total Property, Plant, and EquipmentTotal Long-Term LiabilitiesCapital SharesTotal LiabilitiesTotal Current LiabilitiesLong-Term LiabilitiesTotal AssetsTotal Liabilities and Shareholders' EquityShareholders' EquityTotal Shareholders' EquityTotal Current AssetsCurrent LiabilitiesProperty, Plant, and EquipmentCurrent Assets
Total Property, Plant, and EquipmentTotal Current AssetsTotal Liabilities and Shareholders' EquityShareholders' EquityTotal Long-Term LiabilitiesCapital SharesCurrent LiabilitiesTotal AssetsProperty, Plant, and EquipmentTotal LiabilitiesTotal Shareholders' EquityLong-Term LiabilitiesTotal Current LiabilitiesCurrent Assets
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Current LiabilitiesTotal Liabilities and Shareholders' EquityCurrent AssetsTotal Property, Plant, and EquipmentTotal LiabilitiesTotal Current AssetsProperty, Plant, and EquipmentShareholders' EquityTotal Long-Term LiabilitiesLong-Term LiabilitiesTotal Shareholders' EquityTotal Current LiabilitiesTotal AssetsCapital Shares
Total Current LiabilitiesTotal Property, Plant, and EquipmentTotal Long-Term LiabilitiesTotal Liabilities and Shareholders' EquityTotal Current AssetsLong-Term LiabilitiesCurrent AssetsCurrent LiabilitiesShareholders' EquityTotal LiabilitiesTotal AssetsProperty, Plant, and EquipmentCapital SharesTotal Shareholders' Equity						$
Liabilities and Shareholders' Equity
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