Relax Company provided the following information for the purpose of presenting the statement of financial position on December 31 2014:Cash 400 000Accounts receivable 500 000allowance for doubtful accounts 50 000inventories 1 000 000land 500 000building 5 000 000accumulated depreciation-building 2 000 000machinery 3 000 000accumulated depreciation-machinery 1 200 000equipment 400 000accumulated depreciation-equipment 100 000investment in associate 1 300 000prepaid expenses 100 000notes payable 750 000accounts payable 350 000income tax payable 50 000accrued expenses 60 000mortgage note payable in quarterly installments of 100 000 2 000 000estimated liability for damages 140 000retained earnings appropriated for plant expansion 1 000 000retained earnings appropriated for contingencies 100 000share capital 3 000 000share premium 300 000retained earnings unappropriated 1 250 000trademark 150 000secret processes and formulas 200 000bank loan payable – due June 30, 2016 500 000Â required:prepare in good form a properly classified statement of financial position on December 31, 2014 with supporting notes and computations.
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