The following information in thousands) is available for Wang Company for the year ended December 31, 2017: Accounts payable 42,700 Accumulated depreciation-equipment 4,000 Share capital-ordinary 5,800 Retained earnings 4,000 Copyrights 4,500 Notes payable (due in 5 years) 7,500 Accounts receivable 1,500 Cash 2,600 Short-term investments 1,000 Equipment 7,500 Investment in long-term bonds 6.900 Instructions Use the above information to prepare a classified statement of financial position for the year ended December 31, 2017. Solution WANG COMPANY Statement of Financial Position December 31, 2017 Assets Assets Copyrights Equipment Less:Accumulated depreciation equipment Investment in long-term bonds Accounts receivable Short-term investments Cash Total assets 20,000 Equity and Liabilities Equity Share capital-ordinary Retained earnings liabilities Notes payable Accounts payable Total equity and liabilities 20.000