Question 2 Bedazzled Ltd., reported the following amounts on its Statement of Financial Position on December 31, 2020: Inventory $ 650,000 Notes payable 140,000 Cash 260,000 Share capital 800,000 Net property, plant and equipment 445,000 Accounts receivable 73,000 Accounts payable 138,000 Retained earnings ? Required: 1. What is the amount of Bedazzled's total assets at the end of 2020? 2. What is the amount of Bedazzled's retained earnings at the end of 2020? 3. Prepare a classified Statement of Financial Position for Bedazzled Ltd as of December 31, 2020. Question 3 1. Why is the continuity assumption so important for Statement of Financial Position reporting? 2. Why is the separate-entity assumption so important for Statement of Financial Position reporting? 3. Why is the cost principle so important for Statement of Financial Position reporting