The statement of financial position of Bridgeport Corporation as at December 31, 2020, is as follows:

BRIDGEPORT CORPORATION

Statement of Financial Position December 31, 2020

Assets

Goodwill (Note 1) $45,500

Buildings (Note 2) 1,066,000

Inventory 202,865

Investmentstrading (Note 3) 65,000

Land 617,500

Accounts receivable 110,500

Investments in shares (FV-OCI) (Note 4) 56,550

Cash 114,335

Assets allocated to trustee for plant expansion

Cash 78,000

Treasury notes, at cost and fair value 89,700

$2,445,950

Equities

Notes payable (Note 4) $390,000

Common shares, unlimited authorized, 500,000 issued 747,500

Retained earnings 458,900

Accounts payable 163,800

Appreciation capital (Note 2) 370,500

Income tax payable 48,750

Reserve for depreciation of building 266,500

$2,445,950

Note 1: Goodwill in the amount of $45,500 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 $45,500 was credited to Retained Earnings

. Note 2: Buildings are stated at cost, except for one building that was recorded at its appraised value as management determined the building to be worth more than originally paid at acquisition. The excess of the appraisal value over cost was $370,500. Depreciation has been recorded based on cost.

Note 3: Investmentstrading are FV-NI (fair value through net income) investments and have a fair value of $48,750. Investments in shares (FV-OCI) have a fair value of $130,000. Both investments are currently recorded at cost.

Note 4: Notes payable are long-term except for the current principal instalment due of $65,000.

(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, Buildings and Equipment.)