The following statement of financial position has been submitted to you by an employee in the accounting department who has recently received notice of termination. It contains many errors in terminology, classification, and numbers. Hathaway follows IFRS. Fixed Assets-Tangible Equipment..... Financial Position For the Period Ended December 31, 2020 Less: reserve for depreciation.. Factory supplies Assets $110,000 (40,000) $ 70,000 22,000 Land and buildings (land is 80,000)..... 400,000 Less: reserve for depreciation.. (150.000) Plant site held for future use 250,000 90,000 $ 432,000 Note 1. The reserve for contingencies has been created by charges to earned surplus and has been established to provide a cushion for future uncertainties. Note 2. The inventory account includes only items physically present at the main plant and warehouse. Items located at the company's branch sales office, amounting to $30,000, are excluded since the company has consistently followed this procedure for many years. Required Prepare the 2020 classified Statement of Financial Position in good form. Fix all errors in classification, terminology, and numbers. (28 marks) Note Do not simply rewrite the terrible balance sheet above. Use the information in Chapter $ and present a numerically correct balance sheet in good format that complies with IFRS classifications, terminology, and standards. Use a Word table with three number columns. Current Assets Accounts receivable Cash... Inventory Fixed Assets-Intangible Goodwill Notes receivable (short term). Patents 175,000 80,000 220,000 80,000 40,000 26.000 146,000 Advances to salespersons (due Feb. 2021).... Prepaid rent.... 60,000 27,000 TOTAL ASSETS $1,235,000 Deferred Charges Current Liabilities Accounts payable..... Allowance for doubtful accounts. Notes payable (short term). Liabilities Rent payable... Long-Term Liabilities, 5% debenture bonds, due 2023 Reserve for contingencies. TOTAL LIABILITIES Equity Common shares, no par value, issued 12,000 shares Dividends paid during the year Earned surplus Other accumulated past income $240,000 (20,000) 23,000 100.000 $140,000 8,000 42,000 17,000 $ 242,000 100,000 500,000 600,000 892.000 TOTAL LIABILITIES AND EQUITY $1,235,000