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 Bonds Payable (due 2022) 21,000 Equipment 45.100 Retained Earnings 73,430 Allowance for Doubtful Accounts 790 Office Supplies 2,220 Preferred Stock, $50 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 9.600 Inventory 36,300 Treasury Stock Cat cost) 1.200 Additional Pald in Capital on Common Stock 8,000 Accrued Wages 2,450 Sinking Fund for Bond Retirement 4,700 Land 23,000 Required: 1. Prepare o properly classified balance sheet accordion to U.S. GAAP for KIP as of December 31, 2019, KIP INTERNATIONAL PRODUCTS COMPANY Balance Sheet December 31, 2019 Assets Current Assets Cash Accounts payable 8,800 $ 13,600 Less: Allowance for doubtful accounts -750 12,850 Inventory 40,800 Prepaid items: Insurance 2,110 office supplies 920 3,030 65,400 Total current assets Long-Term Investments: Investment in held-to-maturity bonds Sinking fund for bond retirement 15,000 7,300 22,300 Total long-term investments Property, Hant, and Equipment: Land $ 13,000 Buildings 58,800 -8,100 50,700 Less: Accumulated depreciation buildings Equipment 41.200 Show Me How 1. Spreadsheet 41,200 Chapter 4 Homework eBook Equipment Less: Accumulated depreciation equipment Total property, plant, and equipment Intangible Assets Patents (net) -6,300 34,900 98,600 4,400 Total Assets 190,780 Liabilities Current Liabilities: Accounts payable Current Interest payable 14,900 3,050 Dividends payable 2,770 Accrued wages 3,620 Current income taxes payable 1,840 Total current liabilities $ 26,180 Long-Term Liabilities: Bonds payable (due 2022) Less: Discount on bonds payable 5 29,800 -2,900 $ 26,900 Notes payable (due January 1, 2025) 12,600 39,500 Total long-term liabilities 39,500 65,680 Total long-term liabilities Total abilities 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 earnings Total contributed capital and retained earnings Less Treasury stock cat cost) Total shareholders' equity Total abilities and shareholders' equity 2. Assume instead that kin uses IFRS. Prepare its balance sheet as of December 31, 2019 KIP INTERNATIONAL PRODUCTS COMPANY Balance Sheet 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 I did Buildings Less: Accumulated depreciation buildings Equipment Less: Accumulated depreciation equipment Patents (net) Total noncurrent assets Current Assets Cash C Accounts receivable Less: Allowance for doubtful accounts Il Inventory Show Me How 1 Spreadsheet Chapter 4 Homework BOOK Less: Allowance for doubtful accounts Inventory Prepaid tems Tusurance Office supplies Total current assets 10 Total Assets Shareholders' Equity Contributed Capital Preferred stock Spar Common stock 510 par Additional paid-in capital on preferred stock Additional paid in capital on common stock Total contributed capital Retained angs Total contributed capital and retained earnings Less Treasury sted (at cost 12300 12.16 Total Shareholders Equity Chapter 4 Homework eBook Show Me How Spreadsheet Less: Treasury stock (at cost) 1.200 125.100 Total Shareholders' Equity Liabilities Noncurrent abilities Bonds payable (due 2022) Less: Discount on bonds payable Notes payable (due January 1, 2025) 0 Total noncurrent liabilities Current Liabilities Accounts payable Current interest payable Dividends payable Accrued wages Current income taxes payable Total current abilities Total Liabilities DIE Total Shareholders Equity and liabiti