Intermediate Accounting- Could you please solve the entire solution and explain the 7% Discount Payable Calculation (Part 6) and the calculation for the last entire Part 7. Thanks

Home Tools Sign In Intermediate Acco... x Share 262 (288 of 850) 115% DEEPER (e) What is Jia's cash flow pattern? Discuss any areas of concern. P5-9 The statement of financial position of Sargent Corporation follows for the current year, 2017: SARGENT CORPORATION Statement of Financial Position December 31, 2017 380,000 960,000 1,770,000 $3,110,000 $485,000 640,000 1,720,000 265,000 $3,110,000 Current assets Current liabilities Long-term liabilities Shareholders' equity Investments Property, plant, and equipment Intangible assets The following additional information is available 1. The Current Assets section includes the following: cash $150,000; accounts receivable $170,000, less $10,000 allowance for doubtful accounts; inventory $180,000; and unearned revenue $5,000. The cash balance is composed of $190,000, less a bank overdraft of $40,000 (at a separate financial institution). Inventory is stated at the lower of FIFO cost and net realizable value 2. The Investments section includes the following: note receivable from a related company, due in 2023, $40,000; fair value-net income investments in shares, $80,000 (fair value $80,000); fair value-OCI investments in shares, $125,000 (fair value $155,000); bond sinking fund $250,000; and patents $115,000, net of accumulated amortization 3. Property, Plant, and Equipment includes buildings $1,040,000, less accumulated depreciation $360,000; equip ment $450,000, less accumulated depreciation $180,000; land $500,000; and land held for future use $270,000. 4. Intangible Assets include the following: franchise, net of accumulated amortization $165,000; and goodwill $100,000 5. Current Liabilities include the following: accounts payable $140,000; notes payable, short-term $80,000, long- term $120,000; and income tax payable $40,000. 6. Long-term Liabilities are composed solely of 7% bonds payable issued at a discount, due in 2025 7. Shareholders' Equity has 70,000 preferred shares (200,000 authorized), which were issued for $450,000, and 100,000 common shares (unlimited number authorized), which were issued at an average price of $10 per share. In addition, the corporation has retained earnings of $290,000 and accumulated other comprehensive income of $30,000. Instructions (a) Prepare a statement of financial position in good form (adjust the amounts in each statement of financial position classification based on the additional information)