The trial balance of Purple Solutions Corp. and other related information for the year 2020 follows:

PURPLE SOLUTIONS CORP.

Trial Balance

December 31, 2020

Debits Credits

Cash $52,000

Accounts receivable 165,500

Allowance for doubtful accounts $9,500

Prepaid insurance 6,800

Inventory 193,600

FV-OCI Investments 359,000

Land 86,000

Construction in progress 124,000

Intangible assetspatents 36,000

Equipment 400,000

Accumulated depreciationequipment 240,000

Accounts payable 137,200

Accrued liabilities 79,200

Notes payable 94,000

Bonds payable 180,000

Common shares 500,000

Accumulated other comprehensive income 45,000

Retained earnings 138,000

$1,422,900 $1,422,900

Additional information:

1. The inventory has a net realizable value of $212,000. The FIFO method of inventory valuation is

used.

2. The fair valueOCI investments fair value is $398,000.

3. The amount of the Construction in Process account represents the costs to date on a building in

the process of construction. (The company is renting factory space while waiting for the new

building to be completed.) The land that the building is being constructed on cost $86,000, as

shown in the trial balance.

4. The company purchased the patents at a cost of $40,000 and the patents are being amortized

on a straight-line basis.

5. The bonds payable have a face value of $200,000, bear interest at 7% payable every December

31, and are due January 1, 2032.

6. Of the remaining $20,000 unamortized discount on bonds payable (face value $200,000 less

carrying amount $180,000), $2,000 will be amortized in 2021.

7. The notes payable represent bank loans that are secured by fair valueOCI investments carried

at $120,000. These bank loans are due in 2021.

8. For common shares, an unlimited number are authorized and 500,000 are issued and outstanding.

Instructions:

Prepare a statement of financial position as at December 31, 2020, ensuring that all important information is fully disclosed.