Summer Cos bookkeeper prepared the following Statement of Financial Position for Dec. 31, 2017.

Summer Co

Statement of Financial Position

As at December 31 2017

ASSETS
Goodwill	$70,000
Equipment (Note 1)	1,640,000
Inventory (Note 7)	312,000
Investments trading (Note 4)	100,000
Land (Note 2)	950,000
Accounts Receivable (Note 5)	170,000
Investments in shares (FV-OCI) (Note 4)	87,000
Cash & Cash Equivalents (Note 6)	176,000
Total Assets	3,505,000
LIABILITIES & EQUITIES
Notes payable (Note 3)	600,000
Common shares, unlimited authorized, 1,000,000 issued	1,150,000
Retained earnings	448,000
Accumulated Other Comprehensive Income	252,000
Income tax payable	75,000
Accumulated depreciation Equipment	410,000
Accounts payable	570,000
Total Liabilities and Equities	3,505,000

Notes:

1. Equipment is stated at cost and are depreciated over 40 years, straight line no residual value.
2. The Land value above of $950,000 includes $150,000 of Land that is no longer needed by the Company and is listed with a local real estate agent. It is hoped that it will be sold next year.
3. Notes payable bears interest at 3% and is to be paid in full by 2022. $100,000 is the principal instalment due during the 2018 fiscal year. All interest owing to year end was paid on December 31, 2017.
4. Investments (held for trading) are valued using the fair value through net income method (FV-NI). Their fair value at year end is $75,000 and they are traded actively each year. The Investments in shares (FV-OCI) have a year end fair value of $95,000 and are held for strategic reasons with no expectation to sell for a long time. Both investment values in the statement above are recorded in the statement above at the original cost value.
5. There is an Allowance for doubtful accounts of $30,000 which is reflected in the net Accounts receivable value above.
6. The Cash equivalents balance above includes a $40,000 Treasury Bill maturing in 180 days (on June 30, 2018).
7. Summer values their inventory at the Lower of cost and net realizable value (NRV). The cost in the accounts above, of $312,000, was computed using the Weighted Average cost method. The NRV was computed as $320,000 at year end.

Required:

The bookkeeper incorrectly presented this financial statement provided. Some values are not measured correctly and, a lot of the mandatory disclosure information was not provided. Prepare a correctly classified Statement of Financial Position (Balance Sheet) in IFRS GAAP format with all required disclosures. Marks will not be awarded if the appropriate disclosure information is not provided with the financial statement elements.