Camel and Turkey Trading Limited, a company listed on the Meat and Vegetable Stock Exchange, is a mineral exploration, mining and investment entity. The company trades exclusively in diamonds and ruby components.

You have just been appointed as the chief financial officer of Camel and Turkey Trading Limited and your first task is to prepare the 2035 end of financial year balance sheet for Camel and Turkey Trading Limited.

The end of the financial year for the company is July 31. The company operates on a 12-month operating cycle.

The company has provided you the following list of accounts, and the trial balance totals per each account, as at end of their current final year:

Account Name	Trial Balance Figure
Accrued Expenses	$7,500.00
Goodwill	$125,000.00
Patents	$37,500.00
Gain on Sale Factory	$37,500.00
Retained Earnings	$311,250.00
Current Investments	$39,500.00
Prepaid Expenses	$11,250.00
Administration Expenses	$87,500.00
Other Payables (Due More than 12 Months)	$4,500.00
Non-Current Investments	$112,500.00
Cash and Cash Equivalents	$62,500.00
Loans Due (Less than 12 Months)	$41,250.00
Unearned Revenue	$17,250.00
Merchandise Inventory	$202,500.00
Property, Plant and Equipment	$562,500.00
Paid-Up Capital - Equity	$625,000.00
Sales Revenue	$500,000.00
Trade Receivables	$170,000.00
General Reserves	$205,000.00
Notes Payable (11%, $1000, 10 Years)	$262,500.00
Interest Expenses	$11,250.00
Long-Term Loans	$437,500.00
Trade Payables	$61,500.00
Land	$650,000.00
Employee Expenses	$6,250.00

Before leaving his post, the former chief financial officer provided a summary of key additional information as below that may or may not impact the preparation of the balance sheet for the current year. The additional information is listed as follows:

1. The value of merchandise inventory as shown in the trial balance figures is based on net realizable value. The accountant in charge of inventory said the historical cost is $180,000.

2. On August 31, 2034 the CEO informed you that $8,000 of the balance in Unearned Earningshave been earned. This adjustment has yet to be made.

3. The company has been told by a consultant that it is expected that the value of the goodwill at end of 2039 is likely to $45,000 less that what originally thought.

4. During the year, the company sold property, plant and equipment for $90,000 receiving cash. This transaction has already been recorded. No gain or loss was recorded on the sale.

5. Amount of $70,000 of long-term loans was wrongly classified. This amount should be for Notes Payable (11%, $1000, 10 years). This adjustment has yet to be made.

6. One of the companys banks informed the company that $20,000 of non-current investments initially thought be received on September 1, 2045 is actually going to be received on June 1, 2039.

Required:

Using the information supplied, prepare a balance sheet/statement of financial position for Camel and Turkey Trading Limited for the end of 2035 financial year that conforms with IFRS IAS 1recommendations and requirements of the course.