Eldon Ltd. is a private company that complies with ASPE. Eldon issued the following financial instruments in 20X4:
1. Convertible debentures issued at 103. The debentures require interest to be paid semi-annually at a nominal rate of 7% per annum. The debentures are convertible by the holder at any time up to final maturity at a ratio of 10 common shares for each $1,000 principal amount.
2. Shareholder loans, 3%, due on demand, issued at par. The shareholders do not intend to request repayment unless the company is dissolved. This money was advanced as a loan but is considered equity by the shareholder and the lenders.
3. Redeemable preferred shares issued to Eldon’s founding family. The shares carry an annual cash dividend at the rate of $12 per share and have a repurchase option at the choice of the investor. The shares were issued as a tax planning mechanism and are high/low shares.

Required:
With reference to ASPE, discuss the appropriate financial statement classification of each of these financial instruments.