The trial balance of Sheffield Inc. and other related information for the year 2017 follows SHEFFIELD INC. Trial Balance December 31, 2017 Debits $43,000 173,500 Credits Accounts receivable Allowance for doubtful accounts Prepaid insurance $9,400 6,600 194,800 339,000 86,000 124,000 36,000 400,000 FV-OCI Investments Construction in progress Intangible assets-patents Accounts payable Accrued liabilities Notes payable Bonds payable Common shares 240,000 147,300 49,200 94,000 180,000 500,000 45,000 138,000 $1,402,900 $1,402,900 Retained earnings Additional information: 1. The inventory has a net realizable value of $212,000. The FIFO method of inventory valuation is used 2. The fair value-OCI investments' fair value is $378,000. 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, 2029. 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 2018 7. The notes payable represent bank loans that are secured by fair value-OCI investments carried at $120,000. These bank loans are due in 2018. 8. For common shares, an unlimited number are authorized and 500,000 are issued and outstanding. Prepare a statement of financial position as at December 31, 2017, ensuring that all important information is fully disclosed. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Equipment.) SHEFFIELD INC. Statement of Financial Position Assets Liabilities and Shareholders' Equity