Presented on the next page is the statement of financial position of Kishwaukee Corporation as of December 31, 2015.

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 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 form. The notes above are for information only.

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KISHWAUKEE CORPORATION STATEMENT OF FINANCIAL POSITION DECEMBER 31, 2015 Assets Goodwill (Note 1) Buildings Inventory 120,000 1,640,000 312,100 Land 950,000 Accounts receivable 170,000 Treasury shares (50,000 shares) 87,000 Cash on hand 175,900 Assets allocated to trustee for plant expansion Cash in bank 70,000 Treasury notes, at cost and fair value 138,000 3,663,000 Equities Notes payable (Note 2) Share capital-ordinary, authorized and issued, 1,000,000 shares, no par Retained earnings Non-controlling interest Income taxes payable Accumulated depreciation-buildings 600,000 1,150,000 858,000 570,000 75,000 410,000 3,663,000