ASC had ordinary as well as preference shares. However, the preference shares are considered callable. The par value for the preference shares is $30 and the dividends is 3.25%. It is important to note that according to IFRS, callable preference shares (also known as mandatory redeemable preference shares) are treated as debt and not equity. This will have to be reflected in the statements that ASC has to produce for the listing on the ASX.

Requirement :

Provide the income statement and statement of financial position for ASC on December 31, 2018 as per the GAAP requirements. Please make sure you round to the fourth decimal place. Provide the income statement and statement of financial position for ASC on December 31, 2018 as per the IFRS requirements (provide the number in US Dollars and round to the nearest Dollar. Please round all numbers to the nearest dollar)

given Trial balance

Account name	Debit	Credit
Cash	950,200
Account receivable	1,000,000
Inventory	2,400,000
Equipment	1,500,000
Accumulated depreciation- Equipment		600,000
Leased machines
Accumulate depreciation- leased machine
Accounts payable		570,000
Lease payable
Bonds payable		1,500,000
Discount on bonds payable
preference share		234,000
ordinary share capital		200,000
additional issued capital-preference share		468,000
additional issued capital- ordinary		1,200,000
retained earnings- beginning balance		8,601,044
Revenue from long term contract		214,943
cost of construction	62,500
general and administrative expenses	450,000
depreciation - equipment	150,000
depreciation- leased machine
interest expense