The bookkeeper for FTI Corp has prepared the following balance sheet as at December 31, 2020: FTI Corp Balance Sheet December 31, 2020 Cash $ 200,500 Current Liabilities Accounts Receivable (net) $ 450,000 101,200 Long-term Liabilities 900,000 Inventories 280,000 Shareholders' Equity 989,700 Investments 100,000 Land 800,000 Building (net) 850,000 Copyright (net) 8,000 $2,339,700 $2,339,700 The following additional information is provided: 1 . The cash balance includes: Petty cash fund $ 200 Cash advance to employee, payable on demand 4,000 Saving Account at TD Bank 46,300 Certificate of deposit (90-days) 120,000 Chequing account at the Bank of Montreal 31,500 Bank overdraft at the Scotia Bank (no other accounts are held at (1,500) Total $ 200,500 2. The allowance for doubtful accounts $12,500. Included in the accounts receivable balance was $20,000 which was assigned to Meridian Credit Union on December 31as security for a loan (collateral), the loan bears annual interests at 8% and is due on April 1, 2021. 3 . The net realizable value of the inventory that is included in the Balance Sheet is $329,000. . Inventories do not include $45,000 of merchandise that was in transit at December 31. Of this amount, $20,000 was bought from ONG Inc. with terms f.o.b. shipping point (the net realizable value of this inventory was $34,000) The remainder of inventory that cost $25,000 was shipped to FTI for consignment. The net realizable value for this inventory is $36,000.+ The investments section includes the following: An interest bearing note receivable of $40,000 that was issued on June 1st, 2020 bearing interest at 4% and is due on June 1, 2021 Long-term FV-OCI investment $40,000 carrying value (fair value $35,000 at December 31,2020). Management plans on holding on to these investments for a number of years. FV-NI Investment 1,000 common shares of Landon Inc. purchased at $20.00 per share (fair value $23.50 per share at December 31,2020). FTI expected to sell the shares as soon as the market price increases more next year. 5. The land balance includes: land used for operations and recorded at its cost of $800,000 (the appraisal value of the land in 2020 was $1,200,000) 6. The building originally cost $1, 100,000. Depreciation for 2020 has already been recorded. 7. The patent originally cost $24,000 and is being amortized over 6 years on a straight-line basis. Amortization for 2020 had already been recorded