At their last year end, December 31, 2019, the liabilities outstanding of ICAP Corp. included the following:

1. Cash dividends on common shares, $100,000, payable on January 15, 2020

2. Note payable to Lombard Bank, $850,000, due January 26, 2020

3. Serial bonds, $2,000,000, of which $500,000 matures during 2020

4. Note payable to UBI Banca, $200,000, due January 27, 2020

The following transactions occurred early in 2020:

January 15: The cash dividends were paid.

January 25: ICAP entered into a financing agreement with Deutche Bank, enabling it to borrow up to $1,000,000 at any time through the end of 2020. Amounts borrowed under the agreement would bear interest at 1% above the bank's prime rate and would mature 3 years from the date of the loan. The corporation immediately borrowed $800,000 to be used in paying its January 26 note to Lombard Bank.

January 26: The note payable to Lombard Bank was paid.

January 27: 40,000 common shares were issued for $300,000. $200,000 of the proceeds was used to pay off the note payable to UBI Banca.

February 1: The financial statements for 2019 were issued.

Required

1. Prepare a partial statement of financial position for ICAP Corp., showing the manner in which the above liabilities should be presented at December 31, 2019 under ASPE. The liabilities should be properly classified between current and long-term, and any appropriate note disclosure should be included.
2. Repeat part but assume ICAP uses IFRS.