The following statement of financial position was prepared by the bookkeeper for Badger Corp.atDecember 31, 2020.

Badger Corp.

Statement of Financial Position

December 31, 2020

Cash$ 90,000Accounts payable$ 75,000

Accounts receivable (net)52,200Long-term liabilities110,000

Inventories57,000Shareholders' equity208,500

Investments76,300

Equipment (net)86,000

Patents32,000________

$393,500$393,500

The following additional information is provided:

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

2.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.

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

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

5.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.

Instructions

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