The following statement of financial position was prepared by a junior accountant of Kovas Company as at 31 December 2019. Kovas Company Statement of Financial Position 31 December 2019 Equipment (net) Investments $ 96,000 76,300 Share capital-ordinary Retained earnings $188,000 31,500 Patents 32,000 Non-current liabilities 100,000 Inventories 57,000 Accounts payable 78.000 Accounts receivable (net) 56,200 Cash 80.000 $397,500 $397,500 You are reviewing the statement and the following items have come to your attention: 1. Cash in the statement includes the cash restricted for future plant expansion $12,400 and is net off a bank overdraft of $2,500. 2. The net accounts receivable balance includes: (a) accounts receivable-debit balances $60,000; (b) allowance for doubtful accounts $3,800. 3. Inventories do not include goods costing $5,000 shipped out on consignment. Receivables of $5,000 were recorded on these goods on consignment. 4. Investments include investments in trading securities $19,000, investments in non-trading securities $48,300, and franchises $9,000. 5. Equipment costing $5,000 with accumulated depreciation $4,000 is no longer used and is held for sale. Accumulated depreciation on the other equipment is $40,000. 6. The transaction of purchasing treasury shares at a cost of $13,200 was omitted. Required: Prepare a statement of financial position in good form. [Total for Question 2: 30 marks]