The statement of financial position of Sheffield Corporation as at December 31, 2023, is as follows: Sheffield Corporation Statement of Financial Position December 31, 2023 Assets Goodwill (Note 1) $101,500 Buildings (Note 2) 2,378,000 Inventory 452,545 Investments-trading (Note 3). Land 145,000 1,377,500 Accounts receivable 246,500 Investments in shares (FV-OCI) (Note 3) 126,150 Cash 255,055 Assets allocated to trustee for plant expansion Cash 174,000 Treasury notes, at cost and fair value 200,100 $5,456,350 Equities Notes payable (Note 4) $870,000 Common shares, unlimited authorized, 500,000 issued 1,667,500 Retained earnings 1,023,700 Accounts payable 365,400 Appreciation capital (Note 2) 826,500 Income tax payable 108,750 Reserve for depreciation of building 594,500 Reserve for depreciation of building 594,500 $5,456,350 Note 1: Goodwill in the amount of $101,500 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 $101,500 was credited to Retained Earnings. Note 2: Buildings are stated at cost, except for one building that was recorded at its appraised value because management determined the building to be worth more than originally paid at acquisition. The excess of the appraisal value over cost was $826,500. Depreciation has been recorded based on cost. Note 3: Investments-trading are FV-NI investments and have a fair value of $108,750. Investments in shares (FV-OCI) have a fair value of $290,000. Both investments are currently recorded at cost. Note 4: Notes payable are long term except for the current principal instalment due of $145,000. (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, and Buildings.) SHEFFIELD CORPORATION Statement of Financial Position December 31,2023 Assets 255.055 Current Assets Cash FV-NI Investments Accounts Receivable Inventory Total Current Assets ong-Term Investments FV-OCI Investments Assets Allocated to Trustee for Expansion v Cash Tury Notes Sotal Long Term Investments Property, Plant, and Equipment Land Bulidings SHEFFIELD CORPORATION Statement of Financial Position December 31, 2023 Assets 174,000 200.100 1551.500 255,055 108,750 246,500 452,545 290,000 374,100 1377.500 SHEFFIELD CORPORATION Statement of Financial Position December 31, 2023 Assets 174,000 200,100 1.551.500 $ 255.055 108,750 246,500 452.545 290,000 374.100 1377,500 1,062,850 664,100 Property, Plant, and Equipment Land Buildings Less Accumulated Depreciation-Buildings Total Assets Current Liabilities Accounts Payable Income Tax Payable Current Portion of Notes Payable Total Current Liabilities Long Term Liabilities Notes Payable 1,551,500 26/30 !!! 1,377.50 594,500 i 2.146.00 Liabilities and Shareholders' Equity 365,40 106.7! 145.00 Total Liabilities Shareholders' Equity Common Shares Retained Earning 1.667. 865.9 in-Buildings 1.551.500 594,500 Liabilities and Shareholders' Equity 1,377,500 2,146,000 3,523,500 365,400 108,750 145,000 1.667,500 005,950 1.207850 5,250,450 619,150 870,000 1,489,150 Accounts Payable Income Tax Payable Current Portion of Notes Payable Total Current Liabilities Long-Term Liabilities Notes Payable Total Liabilities Shareholders' Equity Common Shares 365. 108.7 145.00 1.667.50 Retained Earnings Accumulated Other Comprehensive Income 885.9 1.207.85 Total Shareholders' Equity Total Liabilities and Shareholders' Equity eTextbook and Media List of Accounts Seve for Later Attempts: 2 of 5 used Submit Answer 365,400 108,750 145.000 1.667.500 885.950 1.207.850 Income 619.150 870.000 1,489.150 3761300 5.250,450