The December 31, 2019, balance sheet and the 2020 statement of cash flows for McFarland Corporation follow:

{Requirement}
1. Prepare the December 31, 2020, balance sheet for McFarland.

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1 A McFarland Corporation Balance Sheet As at December 31, 2019 B $ 17,000 78,400 50,700 234 Assets: Cash Accounts receivable (net) 4 5 Inventory 6 7 Prepaid expenses Tand Machinery and equipment (net) Accounts payable 68 9 Total assets 10 Liabilities: 11 12 Uneamed revenue 13 Income taxes payable 14 15 Long-term debt Total liabilities 16 Shareholders' equity: 17 Common shares 18 19 20 21 Retained earnings Total shareholders' equity Total liabilities and shareholders' equity 2,200 95,600 73,500 $317,400 $ 40,600 8,600 5,500 86,000 140,700 51,200 125,500 3 176,700 $317,400