The current assets and current liabilities sections of the statement of financial position of Concord Corp. are as follows: CONCORD CORP. Statement of Financial Position (partial) December 31, 2020 Cash $ 46,000 Accounts payable $ 69,000 Accounts receivable $ 99,000 Notes payable 74,000 Allowance for doubtful accounts 7.500 91.500 Inventory 202,020 Prepaid expenses 9,400 $ 348,920 $ 143,000 The following errors have been discovered in the corporation's accounting: 1. January 2021 cash disbursements that were entered as at December 2020 included payments of accounts payable in the amount of $ 44,000. 2. The inventory balance is based on an inventory count that included $ 35,000 of merchandise that was received at December 31 but with no purchase invoices received or entered. Of this amount, $ 15,000 was received on consignment; the remainder was purchased f.o.b. destination. 3. Sales for the first four days of January 2021 in the amount of $39,000 were entered in the sales book as at December 31, 2020. Of these, $ 29,500 were sales on account and the remainder were cash sales. 4. Cash, not including cash sales, collected in January 2021 and entered as at December 31, 2020, totalled $ 40,324. Of this amount, $ 24,696 was received on account; the remainder was proceeds on a bank loan. (the amount owed to the bank for January 2021 was included as part of the Notes Payable account.) The current assets and current liabilities sections of the statement of financial position of Concord Corp. are as follows: CONCORD CORP. Statement of Financial Position (partial) December 31, 2020 Cash $ 46,000 Accounts payable $ 69,000 Accounts receivable $ 99,000 Notes payable 74,000 Allowance for doubtful accounts 7.500 91.500 Inventory 202,020 Prepaid expenses 9,400 $ 348,920 $ 143,000 The following errors have been discovered in the corporation's accounting: 1. January 2021 cash disbursements that were entered as at December 2020 included payments of accounts payable in the amount of $ 44,000. 2. The inventory balance is based on an inventory count that included $ 35,000 of merchandise that was received at December 31 but with no purchase invoices received or entered. Of this amount, $ 15,000 was received on consignment; the remainder was purchased f.o.b. destination. 3. Sales for the first four days of January 2021 in the amount of $39,000 were entered in the sales book as at December 31, 2020. Of these, $ 29,500 were sales on account and the remainder were cash sales. 4. Cash, not including cash sales, collected in January 2021 and entered as at December 31, 2020, totalled $ 40,324. Of this amount, $ 24,696 was received on account; the remainder was proceeds on a bank loan. (the amount owed to the bank for January 2021 was included as part of the Notes Payable account.)