Reference no: EM132720504

Question: The trial balance of Pronghorn Ltd. at December 31, 2020, follows:Debits Credits

Sales revenue $10,656,000

Cash $375,000

FV-NI investments (at fair value) 203,000

Cost of goods sold  5,800,000

Bond investment at amortized cost 409,000

FV-OCI investments (fair value $505,000) 448,000

Notes payable (due in six months) 117,000

Accounts payable 745,000

Selling expenses 3,260,000

Investment income or loss* 10,000

Land 380,000

Buildings 3,040,000

Dividends payable 56,000

Income tax payable 110,000

Accounts receivable 685,000

Accumulated depreciation-buildings 332,000

Allowance for doubtful accounts 27,000

Administrative expenses 1,070,000

Interest expense 271,000

Inventory 877,000

Gain on disposal of land 60,000

Dividends 50,000

Notes payable (due in five years) 1,070,000

Equipment 750,000

Bonds payable (due in three years) 2,100,000

Accumulated depreciation-equipment 73,000

Intangible assets-franchises (net) 280,000

Common shares 1,009,000

Intangible assets-patents (net) 215,000

Retained earnings 1,652,000

Accumulated other comprehensive income 96,000

Totals $18,113,000 $18,113,000

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.)