The statement of financial position of Ayayai Corporation as at December 31, 2023, is as follows: Ayayal Corporation Statement of Financial Position December 31, 2023 Assets Goodwill (Note 1) $31,500 Buildings (Note 2) 738,000 Inventory 140,445 Investments-trading (Note 3) 45,000 Land 427,500 Accounts receivable 76,500 Investments in shares (FV-OCI) (Note 3) 39,150 Cash 79,155 Assets allocated to trustee for plant expansion Cash 54,000 Treasury notes, at cost and fair value 62,100 $1,693,350 Equities Notes payable (Note 4) Common shares, unlimited authorized, 500,000 issued Retained earnings Accounts payable Appreciation capital (Note 2) Income tax payable Reserve for depreciation of building $270,000 517,500 317,700 113,400 256,500 33,750 184,500 $1,693,350 Note 1: Goodwill in the amount of $31,500 was recognized because the company believed that the carrying amount of assets was not an accurate representation of the company's fair value. The gain of $31,500 was credited to Retained Earnings. Note 2: Buildings are stated at cost, except for one building that was recorded at its appraised value because management determined the building to be worth more than originally paid at acquisition. The excess of the appraisal value over cost was $256,500. Depreciation has been recorded based on cost. Note 3: Investments-trading are FV-NI investments and have a fair value of $33,750. Investments in shares (FV-OCI) have a fair value of $90,000. Both investments are currently recorded at cost. Note 4: Notes payable are long term except for the current principal instalment due of $45,000. (a) Prepare a corrected classified statement of financial position in good form. The notes above are for information only. Assume that you have decided not to use the revaluation model for property, plant, and equipment. (List Current Assets in order of liquidity. List Property, Plant, and Equipment in order of Land, and Buildings.) Current Assets Cash FV-NI Investments Accounts Receivable Inventory Total Current Assets Long-Term Investments FV-OCI Investments Assets Allocated to Trustee for Expansion Cash Treasury Notes Total Long-Term Investments Property, Plant, and Equipment Land AYAYAI CORPORATION Statement of Financial Position December 31, 2023 Assets $ 54000 62100 $ 79155 33750 76500 140445 90000 116100 427500 $ 329850 206100 Buildings 994500 Accumulated Depreciation - Equipment 256500 738000 1165500 Total Assets 1701450 Current Llabllltles Accounts Payable Current Portion of Notes Payable Income Tax Payable Total Current Liabilities Long-Term Liabilities Notes Payable Total Liabilities Shareholders' Equity Common Shares Retained Earnings Total Shareholders' Equity Total Liabilities and Shareholders' Equity Liabilities and Shareholders' Equity $ 113400 45000 33750 500000 286200 192150 270000 462150