The following is a partial list of accounts and their balances for Davidson Company as at December 31, 2019: 

Net income for the year was $838,000 and the company declared $400,000 in dividends during the year. There were items of other comprehensive income in the year. The investments are not expected to be sold in the next 12 months. The long-term debt is repayable over five years, with 20% of the balance due on June 30, 2020. 

Required:

Prepare, in good form, the following: 

a. A statement of changes in equity. 

b. A balance sheet using the current/non-current presentation. When possible, group related items into one line to obtain the minimum number of line items to satisfy presentation requirements in IFRS.

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Accounts payable Accounts receivable Accumulated depreciation equipment Accumulated depreciation-plant Accumulated other comprehensive income-gain on available- for-sale investments Cash Common shares Depreciation equipment Depreciation plant Equipment Income tax expense Income tax payable Intangible assets Inventories Land Long-term debt Plant Preferred shares Retained earnings, December 31, 2019 Available-for-sale investments-cost Available-for-sale investments-valuation adjustment Debit $3,035,000 457,000 690,000 500,000 5,520,000 850,000 1,750,000 820,000 12,000,000 50,000,000 1,500,000 140,000 Credit $ 1,357,000 3,450,000 2,500,000 140,000 20,000,000 125,000 30,000,000 10,000,000 7,650,000