Preparation of a Corrected Statement of Financial Position Presented on the next page is the statement of financial position of Kishwaukee Corporation as of December 31. 2010.

Note 1: Goodwill in the amount of £120,000 was recognized because the company believed that book value was not an accurate representation of the fair market value of the company. The gain of £120,000 was credited to Retained Earnings.
Note 2 Notes payable are non-current except for the current installment due of £100,000.
Instructions
Prepare a corrected classified statement of financial position in good from. The notes above are for informationonly.

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KISHWAUKEE CORPORATION STATEMENT OF FINANCIAL POSITION DECEMBER 31, 2010 Annots E 120,000 1,640,000 Goodwill (Nate 1) Buildings Inventornies 312.100 Land Accounts receivable 950,000 170,000 67.000 175,900 Treasury shares (50.000 shares) Cash on hand Assets allocated to trusioe for plant expansion Cash in bank 70,000 138,000 863.000 Treasury notes, at cost and fair value Equities £ #00,000 Netes payable (Nota 2) Share capital-ordinary, authorized and issued, 1.000,000 shares, no par Hetained eamings Minority interest Income taxes payable 1,150,000 858,00 570.000 75,000 Accumulated depreciation recorded to date on the building 410,000 £3,663.000