accounting

Asian-Pacific Ltd. Adjusted Trial Balance December 31, 2019 Debit Credit Cash 41,000 Accounts Receivable 163,500 Allowance for Doubtful Accounts * 8,700 Prepaid Insurance 5,900 Inventory 208,500 Long-term Investments 339,000 Land 85,000 Construction in Process 124,000 Patents 36,000 Equipment 400,000 Accumulated Depreciation Equipment 240,000 Accounts Payable 148.000 Accrued Expenses 49,200 Notes Payable 94,000 Bonds Payable 180,000 Share Capital-Ordinary 500,000 Share Premium-Ordinary 45,000 Retained Earnings 138,000 $1,402,900 $1,402.900 1. The average-cost method of inventory value is used. 2. The cost and fair value of the long-term investments that consist of ordinary shares and bonds is the same. 3. The amount of the Construction in Process account represents the costs expended to date on a building in the process of construction. The company rents factory space at the present time.) The land on which the building is being constructed cost W85.000, as shown in the trial balance. 4. The patents were purchased by the company at a cost of $40.000 and are being amortized on a straight-line basis. 5. The notes payable represent bank loans that are secured by long-term investments carried at 120.000. These bank loans are due in 2020 6. The bonds payable bear interest at 8% payable every December 31, and are due January 1, 2030. 7. 600,000 ordinary shares with a par value of M1 were authorized, of which 500,000 shares were issued and outstanding Instructions Prepare a statement of financial position as of December 31, 2019, so that all important information is fully disclosed