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 $3,920 Accounts Payable $ 10,100 Accounts Receivable 13,600 Prepaid Insurance 1.030 Dividends Payable 1.780 Discount on Bonds Payable 1.600 Buildings 51,500 Common Stock $10 par 12,000 Ronds Payable (due 2022) 21,000 Equipment 45.100 Retained Earnings 73.430 Allowance for Doudoit Accounts 790 Office Supplies 2,220 Preferred Stock 350 par 24,500 Current Income Taxes Payable 3,590 Accumulated Depreciation Buildings 8,500 Accumulated Depreciation Equipment 8,700 Current Interest Payable 2,990 Patents (net) 4,800 Investment in Held.to Maturity Bonds 9.000 Notes Payable due January 1, 2025) 11.900 Cash 9.500 Inventory 36,300 Treasury Stock cat cost) 1,200 Additional Paid-in Capital on Common Stock 3,000 Accrued Wages 2.450 4.700 Sinking Fund for Bond Retirement Land 10.000 Required: 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 Investment in held-to-maturity bonds Sinking fund for bond retirement Land Buildings Less: Accumulated depreciation-buildings 0000 Equipment 11 I 1 ili Less: Accumulated depreciation-equipment Patents (net) Total noncurrent assets Current Assets Cash Accounts receivable Less: Allowance for doubtful accounts Less: Allowance for doubtful accounts Inventory Prepaid items Insurance Office supplies Total current assets IU QUE II Total Assets Shareholders' Equity Contributed Capital Preferred stock $50 par Common stock, $10 par Additional paid-in capital on preferred stock Additional paid-in capital on common stock Total contributed capital Retained eamings Total contributed capital and Retained earnings Less: Treasury stock (at cost) 126,300 1,200 Total Shareholders Equity 125.100 Total Shareholders' Equity 125,100 Liabilities Noncurrent Liabilities Bonds payable (due 2022) Less: Discount on bonds payable Notes payable (due January 1, 2025) Total noncurrent liabilities Current Liabilities Accounts payable bil DIII Current interest payable Dividends payable Accrued wages Current income taxes payable Total current liabilities Total Liabilities DIO Total Shareholders' Equity and Liabilities