The statement of financial position of Kingbird Limited follows for the current year, 2020: KINGBIRD LIMITED Statement of Financial Position December 31, 2020 Current assets $106,400 Current liabilities $77,600 Investments 68,800 Long-term liabilities 136,000 Property, plant, and equipment 169,600 Shareholders' equity 187,200 Intangible assets 25,600 Other assets 30,400 $400,800 $400,800 The following additional information is available and is the source of errors in classification which need to be corrected. 1. Current Assets include the following: bank account with an overdraft balance of $12,000; inventory with a FIFO cost of $69,600 and a net realizable value of $68,000; accounts receivable of $52,800 less allowance for doubtful accounts of $2,400. 2. Investments include the following: a mortgage receivable from parent company $48,000, due in 2025; FV-NI investments held for trading with a cost of $8,000 and a fair value of $9,600; FV-OCl investments with a cost of $12,000 and a fair value of $11,200. 3. Property, Plant and Equipment include the following: land $19,200; buildings $348,000 less accumulated depreciation of $232,000; vehicles $63,200 less accumulated depreciation of $39,200; land held for future use $10,400. 4. 4 Intangible assets include the following:patents net of accumulated amortization of $25,600. 5. Other assets include the following: customer deposits of $5,600, unearned revenue of $2,400, goodwill $35,200 and accumulated other comprehensive income (loss) of $(3,200). 6. Current Liabilities include the following: pension obligation of $43,200, interest payable of $3,200; salaries payable of $6,400; accounts payable $24,800. wages 7. Long-term Liabilities include the following:demand bank loan of $60,000; mortgage payable $76,000 of which $5,600 is due in the next year. 8. Shareholders' Equity has 800 preferred shares (24,000 authorized) which were issued at an average price of $75 per share, and an unlimited number of authorized common shares with 44,000 shares issued at an average price of $1 per share, retained earnings of $83,200. Prepare a statement of financial position in good form. (List Current Assets in order of liquidity. List Property, Plant and Equipment in or of Land, Buildings and Vehicles.) Kingbird Limited Statement of Financial Position For the Year Ended December 31, 2020 V Assets $ 4 Activ GO TO Liabilities and Shareholders' Equity Go S Go