Statement of Financial Position Presentation
the Following Statement of Financial $\quad$

Essay

Statement of financial position presentation
The following statement of financial position was prepared by the bookkeeper for Badger Corp. at December 31, 2020.

The following additional information is provided:
1. "Cash" includes prepaid insurance of $9,400; as well, a bank overdraft of $1,500 has been deducted.
2. The net accounts receivable balance includes:
$\quad$$\quad$ (a) accounts receivable—debit balances $62,000;
$\quad$$\quad$ (b) accounts receivable—credit balances $5,000;
$\quad$$\quad$ (c) allowance for doubtful accounts $4,800.
3. Inventories do not include goods costing $5,000 shipped out on consignment. Receivables of $5,000 were recorded on these goods.
4. Investments include investments in common shares, trading $24,000 and long-term $43,300, and franchises $9,000.
5. Equipment costing $8,000 with accumulated depreciation $6,000 is no longer used and is held for sale. Accumulated depreciation on the other equipment is $40,000.
Instructions
Prepare a statement of financial position in good form (shareholders' equity details can be omitted.)