The bookkeeper for Dazzle Corp has prepared the following balance sheet as at December 31, 2020: Dazzle Corp Balance Sheet December 31, 2020 Cash $ 175,000 Accounts Receivable (net) Inventories Current Liabilities Long-term Liabilities Shareholders' Equity 300,000 109,500 Investments $ 85,000 64,500 40,000 35,000 100,000 250.000 10.000 Land Building (net) Patent (net) $584.500 $584.500 The following additional information is provided: 1. The cash balance includes: Petty cash fund $ 200 Tbilt 4,000 Cash advance to employee, payable on demand 1.000 Saving Account at TD Bank 2.500 Money market fund 5,000 10333333,00038,000 Chequung account at the Bank of Montreal 73.700 Bank overdraft at the Scotia Bank (no other accounts we held at this 0.409) bank) BankCIBC) Total $85.000 2. The allowance for doubtful account: $10,200 3 The net realizable value of the inventory that is included in the Balance Sheet is $35.000 In addition, investores do not include: $20,000 of merchandise that was in transit at December 31. The inventory was sold to ONG Inc with terms fo.b. destination point the net realizable value of this inventory was $30,000) 510,000 was shipped from Park Inc to Dazzle for consignment. The net realizable value for this inventory is 515,000 4 The investments section includes the following . An interest bearing note receivable of 55,000 that was issued on August 112020 bearing interest at 4% and is due on August 1, 2021 Long term FVOCI investment $18.000 carrying value (this value $15.000 at December 312020). Management plans on holding on to there investments for a number of years FV N Investment 1.000 comumon shares of LA ine purchased at $12.00 per share (fur value $12.50 per shate at December 31, 2020 Dazzie expected to sell the shares a 1000 as the market price increases more next year $. The land balance includes: land used for operations and recorded at its cost of $100.000 (the appraisal value of the land in 2020 a $300.000) The company doesn't use the revaluation model 6. The building only cost 5600,000 Deprecunon for 2020 has already been recorded Meridian Credit Union has pledged the building as secunty for their $500.000 loan to Dazzle Cap collateral). the foam bears annual merests at 5 7. The patent originally cost S16000 and is being amortized over 8 years on a straight-line basis. Amortization for 2020 had already been recorded Required: Part 1 (16 marks) The company is a Canadian public company Restate the asset side of Dazzle's Statement of Financial Position sheet at December 31, 2020 in good form. The categories are: Current Assets Long-term Investments Property. Plant & Equipment and Intangible Assets