The following statement of financial position was prepared by Peter Quill, bookkeeper for Nova Corp.at December 31, 2018.

Nova Corp.

Statement of Financial Position

December 31, 2018

Cash $ 90,000 Accounts payable $ 75,000

Accounts receivable (net)	52,200		Long-term liabilities	110,000
Inventories	57,000		Shareholders equity	208,500
Investments	76,300
Equipment (net)	86,000
Patents	32,000

$393,500 $393,500

The following additional information is provided:

- Cash includes prepaid insurance of $9,400; as well, a bank overdraft of $1,500 has been deducted.

- The net accounts receivable balance includes:

a. accounts receivabledebit balances $62,000;

b. accounts receivablecredit balances $5,000;

c. allowance for doubtful accounts $4,800.

- Inventories do not include goods costing $5,000 shipped out on consignment. Receivables of $5,000 were recorded on these goods.

- Investments include investments in common shares, trading $24,000 and long-term $43,300, and franchises $9,000.

- Equipment costing $8,000 with accumulated depreciation $6,000 is no longer used and is held for sale. Accumulated depreciation on the other equipment is $40,000.

Required

1. Prepare a statement of financial position in good form (shareholders equity details can be omitted.)