The statement of financial position of Sage Hill Limited follows for the current year, 2020: SAGE HILL LIMITED Statement of Financial Position December 31, 2020 Current assets $117.040 Current liabilities $85.360 Investments 75,680 Long-term liabilities 149,600 Property, plant, and equipment 186,560 Shareholders' equity 205,920 Intangible assets 28,160 Other assets 33,440 $440,880 $440,880 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 $13.200; inventory with a FIFO cost of $76,560 and a net realizable value of $74,800; accounts receivable of $58,080 less allowance for doubtful accounts of $2.640 2 Investments include the following: a mortgage receivable from parent company $52,800, due in 2025: FV-Nl investments held for trading with a cost of $8,800 and a fair value of $10.560; FV-Oci investments with a cost of $13.200 and a fair value of $12,320 3 4 Property. Plant and Equipment include the following: land $21.120; buildings $382.800 less accumulated depreciation of $255,200; vehicles $69,520 less accumulated depreciation of $43.120; land held for future use $11.440. Intangible assets include the following patents net of accumulated amortization of $28,160. Other assets include the following: customer deposits of $6,160, unearned revenue of $2,640, goodwill $38.720 and accumulated other comprehensive income foss) of $13.5201. 5. 6. Current Liabilities include the following:pension obligation of $47.520. interest payable of $3,520: salaries and wages payable of $7,040; accounts payable $27.280. 7 Long-term Liabilities include the following:demand bank loan of $66.000; mortgage payable $83,600 of which $6.160 is due in the next year. 8 Shareholders' Equity has 880 preferred shares (26.400 authorized) which were issued at an average price of $75 per share and an unlimited number of authorized common shares with 48,400 shares issued at an average price of $1 per share, retained earnings of $91.520. Prepare a statement of financial position in good form. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Vehicles.) Sage Hill Limited Statement of Financial Position December 31, 2020 Assets Current Assets FV.NI Investments Accounts Receivable Les Allowance for Doubtful Accounts