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The trial balance of Monty Ltd. at December 31, 2020, follows: Debits Credits Cash $305,000 Sales revenue $10,337,000 FV-NI investments (at fair value) 323,000 Cost
The trial balance of Monty Ltd. at December 31, 2020, follows: Debits Credits Cash $305,000 Sales revenue $10,337,000 FV-NI investments (at fair value) 323,000 Cost of goods sold Bond investment at amortized cost 5,800,000 449,000 FV-OCI investments (fair value $365,000) 293,000 Notes payable (due in six months) 110,000 Accounts payable 815,000 Selling expenses 2,960,000 Investment income or loss" 14,000 Land 330,000 Buildings 2,540,000 Dividends payable 36,000 Income tax payable 114,000 Accounts receivable 565,000 Accumulated depreciation-buildings 292,000 Accumulated depreciation-buildings 292,000 Allowance for doubtful accounts 43,000 Administrative expenses 1,050,000 Interest expense 261,000 Inventory 777,000 Gain on disposal of land 50,000 Dividends 50,000 Notes payable (due in five years) 1,050,000 Equipment 750,000 Bonds payable (due in three years) 2,100,000 Accumulated depreciation-equipment 77,000 Intangible assets-franchises (net) 170,000 Common shares 869,000 Intangible assets-patents (net) 245,000 Retained earnings 864,000 Accumulated other comprehensive income 97,000 Totals $16,868,000 $16,868,000 "The investment income or loss relates to the FV-NI investments. (a) Prepare a classified statement of financial position as at December 31, 2020. Ignore income taxes. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Equipment.) Monty Ltd. Statement of Financial Position December 31, 2020 Assets Current Assets Cash Accounts Receivable Less : Allowance for Doubtful Accounts Total Current Assets $ 565000 -43000 3050 Property. Plant. And Equipment Total Property. Plant. And Equipment Intangible Assets Add Liabilities and Shareholders' Equity
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