The statement of financial position of Delacosta Corporation as at December 31, 2017, is as follows: DELACOSTA CORPORATION Statement of Financial Position December 31, 2017 Assets Goodwill (Note 1) Buildings (Note 2) Inventory Investments-trading (Note 3) Land Accounts receivable Investments in shares (fair value through OCI) (Note 4) Cash Assets allocated to trustee for plant expansion Cash Treasury notes, at cost and fair value 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 $ 70,000 1,640,000 312,100 100,000 950,000 170,000 87,000 175,900 120,000 138,000 $3,763,000 $ 600,000 730,000 958,000 420,000 570,000 75,000 410,000 $3,763,000 Note 1: Goodwill in the amount of $70,000 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 $70,000 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 $570,000. Depreciation has been recorded based on cost. Note 3: Investments-trading are fair value through net income investments and have a fair value of $75,000. Investments in shares (fair value through OCI) have a fair value of $200,000. Both investments are currently recorded at cost. Note 4: Notes payable are long-term except for the current instalment due of $100,000. Instructions (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. (b) From the perspective of a user of Delacosta's statement of financial position, discuss the importance of proper accounting for goodwill.