Company 1 - X Company was formed on 12/31/2015 when its sole shareholder contributed land worth $200,000. The company had the following balance sheet on 12/31/2015.

Assets: Land=$200,000// Equity: Common Stock=$200,000 The company rents the land to a tenant. The tenant pays $24,000 annual rent in cash. The company has one expense, property taxes of $14,000 that is paid on December 30 of each year. X Company uses IFRS and the revaluation method (See IAS 16).The land has the following fair values on the respective dates.

Date Fair Value

12/31/16 $220,000

12/31/17 $250,000

12/31/18 $235,000

Company 2- H Company also was formed on 12/31/2015 when its sole shareholder contributed land worth $200,000. The company had the following balance sheet on 12/31/2015.

Assets: Land=$200,000 // Equity: Common Stock=$200,000 The company rents the land to a tenant. The tenant pays $24,000 annual rent in cash. The company has one expense, property taxes of $14,000 that is paid on December 30 of each year. H Company also uses IFRS and the revaluation method (See IAS 16).The land has the following fair values on the respective dates.

Date Fair Value

12/31/16 $180,000

12/31/17 $185,000

12/31/18 $205,000

For X Company, fill in the missing financial statement amounts in the green cells. For H Company, fill in the missing financial statement amounts in the blue cells. The net income cells already have formulas in them that will automatically update when you enter amounts in green or blue cells. (Excel Sheet is attached)

ACCT 3101 Graded Assignment 4 Due Monday December 5, 2016 Name 25 points X Company Income Statement Rental revenue Property Tax Expense Other Gains (Losses) if any Enter loss, if any, as negative Net Income 2016 $ 24,000 $ 14,000 2017 $ 24,000 $ 14,000 2018 $ 24,000 $ 14,000 $ 10,000 $ 10,000 $ 10,000 Statement of Comprehensive Income Net Income Other Comprehensive Income if any Comprehensive Income 2016 $ 10,000 2017 $ 10,000 2018 $ 10,000 Statement of Financial Position Assets Cash Land 12/31/2015 12/31/2016 12/31/2017 12/31/2018 $ $ 200,000 $ 10,000 $ 20,000 $ 30,000 $ 200,000 $ $ - $ 200,000 $ 200,000 $ 200,000 Income Statement Rental revenue Property Tax Expense Other Gains (Losses) if any Enter loss, if any, as negative Net Income 2016 $ 24,000 $ 14,000 2017 $ 24,000 $ 14,000 2018 $ 24,000 $ 14,000 $ 10,000 $ 10,000 $ 10,000 Statement of Comprehensive Income Net Income Other Comprehensive Income Comprehensive Income 2016 $ 10,000 2017 $ 10,000 2018 $ 10,000 Total Equity Common Stock Retained Earnings Accumulated Other Comprehensive Income H Company Statement of Financial Position Assets Cash Land Total Equity Common Stock Retained Earnings Accumulated Other Comprehensive Income 12/31/2015 12/31/2016 12/31/2017 12/31/2018 $ $ 200,000 $ 10,000 $ 20,000 $ 30,000 $ 200,000 $ $ - $ 200,000 $ 200,000 $ 200,000 1 2 3 4 5 6