Statement of financial position items for Montoya Inc. follow for the current year, 2014:

Instructions
(a) Prepare a classified statement of financial position in good form. The numbers of authorized shares are as follows: 400,000 common and 20,000 preferred. Assume that income tax accounts, notes receivable and notes payable are short-term, unless stated otherwise, and that the fair value- net income investments are stated at fair value.
(b) What additional disclosures would you expect to provide for the rental obligation?

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Goodwill Payroll taxes payable Bonds payable due 2019 Discount on bonds payable Cash Land Notes receivable 125,000 Accumulated depreciation-equipment 177,5 Inventory 300,000 Rent payable $ 292,000 239,800 45,000 98,362 480,000 200,000 150,000 87,920 1,470,000 121,000 270,200 1,640,000 15,000 360,000 480,000 445,700 265,000 490,000 Income tax payable Rent payable (long-term) Common shares (20,000 shares issued) Preferred shares (15,000 shares issued) Prepaid expenses Equipment Accounts payable Retained earnings Income taxes receivable Notes payable (due in five years) FV-NI investments 97,630 Accumulated depreciation-building 1,600,000 Building