The statement of financial position of Culver Corporation follows for the current year, 2020: CULVER CORPORATION Statement of Financial Position December 31, 2020 Current assets $436.500 Current liabilities $342,000 Investments 576.000 Long-term liabilities 864,000 Property, plant, and equipment 1.548,000 Shareholders' equity 1,593,000 Intangible assets 238.500 $2,799,000 $2,799,000 -/10 E The following additional information is available: 1. The current assets section includes the following: cash $135,000; accounts receivable $153,000, less $9,000 allowance for doubtful accounts: inventory $162.000; and unearned revenue $4,500. The cash balance is composed of $171,000, less a bank overdraft of $36.000 (at a separate financial institution). Inventory is stated at the lower of FIFO cost and net realizable 2. value. The investments section includes the following: note receivable from a related company, due in 2026, $36,000; FV-NI investments in shares $72,000 (fair value $72,000); FV-OCI investments in 3. 4. 5. 6. 7. shares $112,500 (fair value $139,500); bond sinking fund $225,000; and patents $103,500, net of accumulated amortization. Property, Plant, and Equipment include buildings $936,000, less accumulated depreciation $324,000; equipment $405,000, less accumulated depreciation $162,000; land $450,000; and land held for future use $243,000. Intangible Assets include franchise, net of accumulated amortization, $238.500. Current liabilities include the following: accounts payable $126,000: notes payable, short-term $72,000, long-term $108,000; and income tax payable $36,000. Long-term liabilities are composed solely of 7% bonds payable issued at a discount, due in 2028. Shareholders' equity has 70,000 preferred shares (200,000 authorized), which were issued for $405.000, and 90,000 common shares (unlimited number authorized), which were issued at an average price of $10 per share. In addition, the corporation has retained earnings of $261,000 and accumulated other comprehensive income of $27,000. (a) Prepare a statement of financial position in good form. (Adjust the amounts in each SFP classification based on the additional Q Ad C (a) i Prepare a statement of financial position in good form. (Adjust the amounts in each SFP classification based on the additional information.) (List Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Equipment.) CULVER CORPORATION Statement of Financial Position Qui Acce Qu AD Assets Que Acco Question 12 of 12 < > Liabilities and Shareholders' Equity -/10 E !!! Accou Que Accom Que Act Q Ac C