The assets of Fonzarelli SpA are presented as follows (amounts in thousands).

Instructions

Indicate the deficiencies, if any, in the foregoing presentation of Fonzarelli’s assets.

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Fonzarelli SpA Statement of Financial Position (Partial) December 31, 2022 Assets Current assets Cash € 100,000 Non-controlling interest 27,500 Trading securities (fair value €30,000) at cost 37,000 Accounts receivable (less bad debt reserve) 75,000 Inventory-at lower-of-cost (determined by the first-in, first-out method)- or-net realizable value 240,000 Total current assets 479,500 Tangible assets Land (less accumulated depreciation) 80,000 Buildings and equipment €800,000 Less: Accumulated depreciation 250,000 550,000 Net tangible assets 630,000 Investments Bonds 100,000 Treasury shares 70,000 Total investments 170,000 Other assets Land held for future factory site 19,400 Sinking fund 975,000 Total other assets 994,400 €2,273,900 Total assets