The statement of financial position of Kishwaukee Ltd. as of December 31, 2022, is as follows.

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 Ltd. Statement of Financial Position December 31, 2022 Assets Goodwill (Note 1) £ 120,000 Buildings 1,640,000 Inventory 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) £ 600,000 Share capital-ordinary, authorized and issued, 1,000,00o0 shares, no par 1,150,000 Retained earnings 858,000 Non-controlling interest 570,000 Income taxes payable 75,000 Accumulated depreciation-buildings 410,000 £3,663,000