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  3. note 1: goodwill in the amount of 153,600 was reco

Note 1: Goodwill in the amount of 153,600 was recognized because the company believed that...

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Accounting

Note 1: Goodwill in the amount of 153,600 was recognized because the company believed that book value was not an accurate
representation of the fair value of the company. The gain of 153,600 was credited to Retained Earnings.
Note 2: Notes payable are non-current except for the current installment due of 100,000.
Prepare a corrected classified statement of financial position in good form. The notes above are for information only. (List Current
Assets in reverse order of liquidity.)The statement of financial position of Concord Ltd. as of December 31,2022, is as follows.
Concord Ltd.
Statement of Financial Position
December 31,2022
Assets
Goodwill (Note 1)
Buildings
2,099,200
Inventory
399,440
Land
1,216,000
Accounts receivable
217,600
Treasury stock (50,000 shares)
111,360
Cash on hand
227,600
Assets allocated to trustee for plant expansion
Cash in bank
89,600
Treasury notes, at cost and fair value
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