Question

Question 2 The statement of financial position of Shamrock Limited follows for the current year, 2020: SHAMROCK LIMITED Statement of Financial Position December 31, 2020 Current assets $119,700 Current liabilities Investments 77,400 Long-term liabilities Property, plant, and equipment 190,800 Shareholders' equity Intangible assets 28,800 Other assets 34,200 $450,900 $87,300 153,000 210,600 $450,900 The following additional information is available: 1. Current Assets include the following: bank account with an overdraft balance of $13,500; inventory with a FIFO cost of $78,300 and a net realizable value of $76,500; accounts receivable of $59,400 less allowance for doubtful accounts of $2,700. 2. Investments include the following: a mortgage receivable from parent company $54,000, due in 2025; FV-NI investments held for trading with a cost of $9,000 and a fair value of $10,800; FV-OCI investments with a cost of $13,500 and a fair value of $12,600. 3. Property, Plant and Equipment include the following: land $21,600; buildings $391,500 less accumulated depreciation of $261,000; vehicles $71,100 less accumulated depreciation of $44,100; land held for future use $11,700. 4. Intangible assets include the following: patents net of accumulated amortization of $28,800. 5. Other assets include the following: customer deposits of $6,300, unearned revenue of $2,700, goodwill $39,600 and accumulated other comprehensive income (loss) of $(3,600). 6. Current Liabilities include the following: pension obligation of $48,600, interest payable of $3,600; salaries and wages payable of $7,200; accounts payable $27,900. 7. Long-term Liabilities include the following:demand bank loan of $67,500; mortgage payable $85,500 of which $6,300 is due in the next year. 8. Shareholders' Equity has 900 preferred shares (27,000 authorized) which were issued at an average price of $75 per share, and an unlimited number of authorized common shares with 49,500 shares issued at an average price of $1 per share, retained earnings of $93,600. Prepare a statement of financial position in good form. (List Current Assets in order of liquidity. List Property, plant and Equipment in order of Land, Buildings and Vehicles.)