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The list of account balances of Perseus contains the following items at 31 December: Dr Opening inventory 3,432,000 Accounts receivable ledger balances 2,980,000 1,970 Accounts

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The list of account balances of Perseus contains the following items at 31 December: Dr Opening inventory 3,432,000 Accounts receivable ledger balances 2,980,000 1,970 Accounts payable ledger balances 14,300 1,210,400 Prepayments 770,000 Cash at bank A 940,000 Overdraft at bank B 360,000 In the course of preparing the financial statements at 31 December, the need for a number of adjustments emerged, as detailed below: (1) Closing inventory amounted to $4,190,000 before allowing for the adjustments required by the following: (1) Some items included in closing inventory at cost of $16,000 were found to be defective and were sold after the reporting period for $10,400. Selling costs amounted to $600. (11) Goods with a sales value of $88,000 were delivered to the wrong customer on 28 December. The goods were returned, in good condition, in January and subsequently dispatched to the correct customer. The cost of the goods was $66,000. (2) Accounts receivable amounting to $92,000 are to be written off. (3) A loss allowance for irrecoverable debts is to be made for 5% of accounts receivable. (4 ) The manager of the main selling outlet of Perseus is entitled to a commission of 2% of the company's profit after charging that commission. The profit amounted to $1,101,600 before including the commission, and after adjusting for items (1) to (4) above. The manager has already received $25,000 on account of the commission due for the year to 31 December. Required: Show how the final figures for current assets should be presented in the statement of financial position at 31 December

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