The various classifications listed below have been used in the past by Mercury Ltd., a public company following IFRS, in its statement of financial position. The corporation asks your professional opinion concerning the appropriate classification of each of the items below at December 31, 2020. a) Current Assets f) Current Liabilities b) Long Term Investments g) Long-Term Liabilities c) Property, Plant and Equipment h) Capital Shares d) Intangible Assets i) Retained Earnings e) Other Assets Indicate by letter how each of the following items should be classified. If an item need not be reported on the statement of financial position, use the letter "X." A letter may be used more than once or not at all. If an item can be classified in more than one category, choose the category most favoured by the authors of your textbook. Item 1 is done as an example f. 1. Rent revenue collected in advance 2. Cash in bond sinking fund of $20,000 3. Factory building retired from use and held for sale 4. Patents 5. Bank overdraft of $50,000 6. Goods held on consignment 7. Premium on bonds payable due three years from date |