Balance Sheet

The following is a list (in random order) of KIP International Products Company's December 31, 2016 balance sheet accounts of the International Products Company:

Additional Paid-In Capital on Preferred Stock	$ 1,840					Accounts Payable	$ 11,600
Accounts Receivable	13,800					Prepaid Insurance	1,120
Dividends Payable	1,780					Discount on Bonds Payable	2,600
Buildings	53,500					Common Stock, $10 par	18,000
Bonds Payable (due 2019)	28,500					Equipment	33,900
Retained Earnings	77,130					Allowance for Doubtful Accounts	620
Office Supplies	2,220					Preferred Stock, $50 par	11,500
Current Income Taxes Payable	2,580					Accumulated Depreciation: Buildings	11,900
Accumulated Depreciation: Equipment	6,500					Current Interest Payable	2,230
Patents (net)	2,600					Investment in Held-to-Maturity Bonds	14,400
Notes Payable (due January 1, 2019)	10,700					Cash	8,300
Inventory	44,000					Treasury Stock (at cost)	1,800
Additional Paid-In Capital on Common Stock	5,900					Accrued Wages	2,460
Sinking Fund for Bond Retirement	4,800					Land	10,200

Required:

1. Prepare a properly classified balance sheet according to U.S. GAAP for KIP as of December 31, 2016.

Kip International Products Company
Balance Sheet
December 31, 2016
Assets
Current Assets:
		$
	$
Prepaid items:
	$
Total current assets			$
Long-Term Investments:
		$
Total long-term investments
Property, Plant, and Equipment:
		$
	$
	$
Total property, plant, and equipment
Intangible Assets:
Total Assets			$
Liabilities
Current Liabilities:
		$
Total current liabilities			$
Long-Term Liabilities:
		$
		$
Total long-term liabilities
Total Liabilities			$
Shareholders' Equity
Contributed Capital:
		$
Total contributed capital		$
Total contributed capital and retained earnings		$
Total shareholders' equity
Total liabilities and shareholders' equity			$

2. Assume instead that KIP uses IFRS. Prepare its balance sheet as of December 31, 2016.

KIP INTERNATIONAL PRODUCTS COMPANY
Balance Sheet
December 31, 2016
Assets
Noncurrent Assets
		$
	$
	$
Total noncurrent assets			$
Current Assets
		$
	$
Prepaid items
	$
Total current assets
Total Assets			$
Shareholders' Equity
Contributed Capital
		$
Total contributed capital		$
Retained earnings
Total contributed capital and Retained earnings		$
Total Shareholders' Equity
Liabilities
Noncurrent Liabilities
		$
		$
Total noncurrent liabilities
Current Liabilities
		$
Total current liabilities			$
Total Liabilities			$
Total Shareholders' Equity and Liabilities			$