The statement of financial position of Novak Corporation as at December 31, 2020, is as follows: NOVAK CORPORATION Statement of Financial Position December 31, 2020 Assets Goodwill (Note 1) $84,000 Buildings (Note 2) 1,968,000 Inventory 374,520 Investments-trading (Note 3) 120,000 Land 1,140,000 Accounts receivable 204,000 Investments in shares (FV-OCI) (Note 4) 104,400 Cash 211,080 Assets allocated to trustee for plant expansion Cash 144,000 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 144,000 165,600 $4,515,600 $720,000 1,380,000 847,200 302,400 684,000 90,000 492,000 $4,515,600 Note Goodwill in the amount of $84,000 was recognized because the company believed that the carrying amount of assets was not an accurate representation of the company's fair value. 1: The gain of $84,000 was credited to Retained Earnings. Note 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 2: acquisition. The excess of the appraisal value over cost was $684,000. Depreciation has been recorded based on cost. Note Investments-trading are FV-NI (fair value through net income) investments and have a fair value of $90,000. Investments in shares (FV-OCI) have a fair value of $240,000. Both 3: investments are currently recorded at cost. Note 4: Notes payable are long-term except for the current principal instalment due of $120,000. (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.) NOVAK CORPORATION Statement of Financial Position Assets $ $ $ 11 Liabilities and Shareholders' Equity $ $ !!! $