The assets of Fonzarelli Corporation are presented (amounts in thousands).FONZARELLI CORPORATIONStat 1 answer below »

The assets of Fonzarelli Corporation are presented (amounts in thousands).FONZARELLI CORPORATIONStatement of Financial Position (Partial)December 31, 2015AssetsCurrent assetsCash€ 100,000Non-controlling interest27,500Trading securities (fair value €30,000) at cost37,000Accounts receivable (less bad debt reserve)75,000Inventory—at lower-of-cost (determined by the first-in, first-out method)-or-net realizable value240,000Total current assets479,500Tangible assetsLand (less accumulated depreciation)80,000Buildings and equipment€800,000Less: Accumulated depreciation250,000550,000Net tangible assets630,000InvestmentsBonds100,000Treasury shares70,000Total investments170,000Other assetsLand held for future factory site19,400Sinking fund975,000Total other assets994,400Total assets€2,273,900Instructions:Indicate the deficiencies, if any, in the foregoing presentation of Fonzarelli Corporation’s assets.