The statement of financial position of Teal Mountain Limited follows for the current year, 2020: TEAL MOUNTAIN LIMITED Statement of Financial Position December 31, 2020 $159,600 Current liabilities Current assets $116,400 Investments 103,200 Long-term liabilities 204,000 254,400 Shareholders' equity 280,800 Property, plant, and equipment Intangible assets Other assets 38,400 45,600 $601,200 $601,200 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 $18,000; inventory with a FIFO cost of $104,400 and a net realizable value of $102,000; accounts receivable of $79,200 less allowance for doubtful accounts of $3,600. Investments include the following: a mortgage receivable from parent company $72,000, due in 2025; FV-NI investments held for trading with a cost of $12,000 and a fair value of $14,400; FV-OCI investments with a cost of $18,000 and a fair value of $16,800. 2. 3. 4. 5. 6. Property, plant and Equipment include the following: land $28,800; buildings $522.000 less accumulated depreciation of $348,000; vehicles $94.800 less accumulated depreciation of $58,800; land held for future use $15,600. Intangible assets include the following:patents net of accumulated amortization of $38.400. Other assets include the following: customer deposits of $8,400, unearned revenue of $3,600, goodwill $52,800 and accumulated other comprehensive income (loss) of $(4,800). Current Liabilities include the following: pension obligation of $64,800, interest payable of $4,800; salaries and wages payable of $9,600; accounts payable $37,200. Long-term Liabilities include the following:demand bank loan of $90,000; mortgage payable $114,000 of which $8,400 is due in the next year. Shareholders' Equity has 1,200 preferred shares (36,000 authorized) which were issued at an average price of $75 per share, and an unlimited number of authorized common shares with 66,000 shares issued at an average price of $1 per share, retained earnings of $124.800. 7. 8. Prepare a statement of financial position in good form. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order Teal Mountain Limited Statement of Financial Position December 31, 2020 For the Month Ended December 31, 2020 For the Year Ended December 31, 2020 $ $ TA v :( v: $ to