Need Asap (pls have explanation)

PROBLEMS Problem 8-1 (IAA) Simple Company provided the following account balances on December 31, 2020: Share capital $6 5,000,000 Share premium SE 500,000 Retained earnings SE 880,000 Serial bonds payable (P500,000 due every July 1 of each year) 2,500,000 Employees income tax payable 20,000 Notes payable cc 100,000 Accrued expenses cu 30,000 Accrued interest on note payable ch 10,000 Income tax payable 60,000 Allowance for doubtful accounts CA 50,000 Advances from customers 100,000 Accounts receivable CA 500,000 Accumulated depreciation-building CA. 1,600,000 Accumulated depreciation-machinery cA- 1,300,000 Investment in bonds 1,500,000 Land NA 1,500,000 Machinery NA 2,000,000 Factory supplies 50,000 Notes receivablecA 150,000 Building 4,000,000 Cash CA 420,000 Claim receivable CA 20,000 Finished goods 400,000 Franchise 200,000 Goods in process 600,000 Prepaid insurance CA 20,000 Raw materials C 200,000 Trading securities 250,000 Tools CA 40,000 Goodwill 100,000 Plant expansion fund NA 500,000 Accounts payable CL 300,000 Required: Prepare a properly classified statement of financial position on December 31, 2020. 162