1. Prepare a properly classified balance sheet according to U.S. GAAP for KIP as of December 31, 2019.

KIP INTERNATIONAL PRODUCTS COMPANY Balance Sheet December 31, 2019
Assets
Current Assets:
		$ fill in the blank aac3c3072fddf98_2
	$ fill in the blank aac3c3072fddf98_4
	fill in the blank aac3c3072fddf98_6	fill in the blank aac3c3072fddf98_7
		fill in the blank aac3c3072fddf98_9
Prepaid items:
	$ fill in the blank aac3c3072fddf98_11
	fill in the blank aac3c3072fddf98_13	fill in the blank aac3c3072fddf98_14
Total current assets			$ fill in the blank aac3c3072fddf98_15
Long-Term Investments:
		$ fill in the blank aac3c3072fddf98_17
		fill in the blank aac3c3072fddf98_19
Total long-term investments			fill in the blank aac3c3072fddf98_20
Property, Plant, and Equipment:
		$ fill in the blank aac3c3072fddf98_22
	$ fill in the blank aac3c3072fddf98_24
	fill in the blank aac3c3072fddf98_26	fill in the blank aac3c3072fddf98_27
	$ fill in the blank aac3c3072fddf98_29
	fill in the blank aac3c3072fddf98_31	fill in the blank aac3c3072fddf98_32
Total property, plant, and equipment			fill in the blank aac3c3072fddf98_33
Intangible Assets:
			fill in the blank aac3c3072fddf98_35
Total Assets			$ fill in the blank aac3c3072fddf98_36
Liabilities
Current Liabilities:
		$ fill in the blank aac3c3072fddf98_38
		fill in the blank aac3c3072fddf98_40
		fill in the blank aac3c3072fddf98_42
		fill in the blank aac3c3072fddf98_44
		fill in the blank aac3c3072fddf98_46
Total current liabilities			$ fill in the blank aac3c3072fddf98_47
Long-Term Liabilities:
		$ fill in the blank aac3c3072fddf98_49
		fill in the blank aac3c3072fddf98_51
		$ fill in the blank aac3c3072fddf98_52
		fill in the blank aac3c3072fddf98_54
Total long-term liabilities			fill in the blank aac3c3072fddf98_55
Total Liabilities			$ fill in the blank aac3c3072fddf98_56
Shareholders' Equity
Contributed Capital:
		$ fill in the blank aac3c3072fddf98_58
		fill in the blank aac3c3072fddf98_60
		fill in the blank aac3c3072fddf98_62
		fill in the blank aac3c3072fddf98_64
Total contributed capital		$ fill in the blank aac3c3072fddf98_65
		fill in the blank aac3c3072fddf98_67
Total contributed capital and retained earnings		$ fill in the blank aac3c3072fddf98_68
		fill in the blank aac3c3072fddf98_70
Total shareholders' equity			fill in the blank aac3c3072fddf98_71
Total liabilities and shareholders' equity			$ fill in the blank aac3c3072fddf98_72

2. Assume instead that KIP uses IFRS. Prepare its balance sheet as of December 31, 2019.

KIP INTERNATIONAL PRODUCTS COMPANY
Balance Sheet
December 31, 2019
Assets
Noncurrent Assets
		$fill in the blank f024defdf051fa4_2
		fill in the blank f024defdf051fa4_4
		fill in the blank f024defdf051fa4_6
	$fill in the blank f024defdf051fa4_8
	fill in the blank f024defdf051fa4_10	fill in the blank f024defdf051fa4_11
	$fill in the blank f024defdf051fa4_13
	fill in the blank f024defdf051fa4_15	fill in the blank f024defdf051fa4_16
		fill in the blank f024defdf051fa4_18
Total noncurrent assets			$fill in the blank f024defdf051fa4_19
Current Assets
		$fill in the blank f024defdf051fa4_21
	$fill in the blank f024defdf051fa4_23
	fill in the blank f024defdf051fa4_25	fill in the blank f024defdf051fa4_26
		fill in the blank f024defdf051fa4_28
Prepaid items
	$fill in the blank f024defdf051fa4_30
	fill in the blank f024defdf051fa4_32	fill in the blank f024defdf051fa4_33
Total current assets			fill in the blank f024defdf051fa4_34
Total Assets			$fill in the blank f024defdf051fa4_35
Shareholders' Equity
Contributed Capital
		$fill in the blank f024defdf051fa4_37
		fill in the blank f024defdf051fa4_39
		fill in the blank f024defdf051fa4_41
		fill in the blank f024defdf051fa4_43
Total contributed capital		$fill in the blank f024defdf051fa4_44
Retained earnings		fill in the blank f024defdf051fa4_45
Total contributed capital and Retained earnings		$fill in the blank f024defdf051fa4_46
		fill in the blank f024defdf051fa4_48
Total Shareholders' Equity			$fill in the blank f024defdf051fa4_49
Liabilities
Noncurrent Liabilities
		$fill in the blank f024defdf051fa4_51
		fill in the blank f024defdf051fa4_53
		$fill in the blank f024defdf051fa4_54
		fill in the blank f024defdf051fa4_56
Total noncurrent liabilities			$fill in the blank f024defdf051fa4_57
Current Liabilities
		$fill in the blank f024defdf051fa4_59
		fill in the blank f024defdf051fa4_61
		fill in the blank f024defdf051fa4_63
		fill in the blank f024defdf051fa4_65
		fill in the blank f024defdf051fa4_67
Total current liabilities			$fill in the blank f024defdf051fa4_68
Total Liabilities			$fill in the blank f024defdf051fa4_69
Total Shareholders' Equity and Liabilities			$fill in the blank f024defdf051fa4_70

Balance Sheet The following is a list in random order) of KIP International Products Company's December 31, 2019, balance sheet accounts: Additional Paid-In Capital on Preferred Stock $ 800 Accounts Payable $ 17,000 Accounts Receivable 14,500 Prepaid Insurance 1,590 Dividends Payable 1,590 3,000 Discount on Bonds Payable Common Stock, $10 par 74,900 17,000 28,600 Equipment 32,800 82,570 640 Buildings Bonds Payable (due 2022) Retained Earnings Office Supplies Current Income Taxes Payable Accumulated Depreciation: Equipment 1,830 Allowance for Doubtful Accounts Preferred Stock, $50 par Accumulated Depreciation: Buildings Current Interest Payable Investment in Held-to-Maturity Bonds 3,320 7,800 5,000 13,500 2,700 Patents (net) 4,500 13,800 14,900 Cash 9,500 31,200 1,700 Notes Payable (due January 1, 2025) Inventory Additional Paid-In Capital on Common Stock Sinking Fund for Bond Retirement Required: Treasury Stock (at cost) Accrued Wages 6,800 2,900 3,000 Land 12,800 1. Prepare a properly classified balance sheet according to U.S. GAAP for KIP as of December 31, 2019. KIP INTERNATIONAL PRODUCTS COMPANY Balance Sheet