Reference no: EM132893676
Question - Rand Rowlands Corporation's statement of financial position at the end of 2019 is as follows:
Rand Rowlands Corporation Statement of Financial Position As At December 31, 2019
Current Assets $2,210,000
Land 60,0000
Buildings 2,240,000
Accumulated Depreciation -Buildings (260,000)
Equipment 640,000
Accumulated Depreciation - Equipment (22,000)
Intangible Assets - Patents 80,000
Total Assets $4,948,000
Current Liabilities $2,040,000
Bonds Payable 2,200,000
Common Shares 360,000
Retained Earnings 348,000
Total Liabilities & Shareholder's Equity $4,948,000
The following information is available for the 2020 fiscal year:
1. Net income was $782,000.
2. Equipment (cost of $40,000 and accumulated depreciation of $16,000) was sold for $20,000.
3. Depreciation expense was $8,000 on the building and $18,000 on equipment.
4. Amortization expense on a patent was $6,000.
5. Current assets other than cash increased by $58,000. Current liabilities increased by $26,000.
6. An addition to a building was completed at a cost of $62,000.
7. An FV-OCI investment in shares was purchased for $41,000 on the last day of the year. This was the first such investment made by Rand Rowlands Corporation in its history.
8. Bonds payable of $150,000 were issued at par.
9. Cash dividends of $360,000 were declared and paid. Dividends paid are treated as financing activities.
Rand Rowlands Corporation prepares financial statements in accordance with IFRS.
Required - What is the Classified Statement of Financial Position (SFP) as at December 31, 2020.