1. Prepare a properly classified balance sheet according to U.S. GAAP for KIP as of December 31, 2016.
2. Assume instead that KIP uses IFRS. Prepare its balance sheet as of December 31, 2016.

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Additional Paid-in Capital on Preferred Stock Accounts Receivable Dividends Payable Buildings Bonds Payable (due 2019 Retained Earnings Office Supplies Current Income Taxes Payable Accumulated Depreciation: Equipmernt Patents (net Notes Payable (due January 1,2019) 1,600 Accounts Payable 13,800 Prepaid Insurance $16,500 1,800 Discount on Bonds Payable 50,000 29,000 Equipment 25,800 lwance for Doubtful Accounts 2,000 15,000 29,000 Common Stock, $10 par 1,900 4,200 8,300 2,400 Preferred Stock, $50 par Accumulated Depreciation: Buildings Current Interest Payable Investment in Heldto Maturity Bonds Cash Treasury Stock (at cost 10,000 12,400 2,900 9,000 8,200 1,500 3,700 9,500 17,000 24,400 Additional Paid-in Capital on Common Stock Sinking Fund for Bond Retirement 7,700 Accrued Wages 4,000 Land