The bookkeeper for Martinez Corp. has prepared the following statement of financial position as at July 31, 2020:

MARTINEZ CORP.

Statement of Financial Position As at July 31, 2020

Cash $86,000 Notes and accounts payable $63,000

Accounts receivable (net) 48,800 Long-term liabilities 88,000

Inventory 80,000 Shareholders' equity 176,800

Equipment (net) 76,000

Patents (net) 37,000

$327,800 $327,800

The following additional information is provided:

1. Cash includes $1,600 in a petty cash fund and $24,000 in a bond sinking fund.

2. The net accounts receivable balance is composed of the following three items: (a) accounts receivable debit balances $61,000; (b) accounts receivable credit balances $8,300; and (c) allowance for doubtful accounts $3,900.

3. Inventory costing $6,700 was shipped out on consignment on July 31, 2020. The ending inventory balance does not include the consigned goods. Receivables of $6,700 were recognized on these consigned goods.

4. Equipment had a cost of $113,000 and an accumulated depreciation balance of $37,000.

5. Income Tax Payable of $9,200 was accrued on July 31. Martinez Corp., however, had set up a cash fund to meet this obligation. This cash fund was not included in the cash balance, but was offset against the income tax payable account.

6. Long-term liabilities are bonds payable issued at par, due in 2025.

7. Shareholders equity is made up of two account balances: Common Shares of $117,900 and Retained Earnings of $58,900.

(a) Use the information available to prepare a corrected classified statement of financial position as at July 31, 2020. (Adjust the account balances based on the additional information.) (List Current Assets in order of liquidity.)