Included in Bridgeport Limited's December 31, 2020 trial balance are the following accounts: Accounts Payable $259,000; Obligations under Lease $188,000; Unearned Revenue $150,000; Bonds Payable $462,000 (due October 31, 2032); Salaries and Wages Payable $133,000; Interest Payable $47,000; Income Tax Payable $17,000; and Notes Payable $112,000 (due on March 31, 2021). On January 31, 2021, Bridgeport finalized refinancing of the notes payable with a new note payable due on March 31, 2022. The financial statements were issued on February 28, 2021.

a. Prepare the non-current liabilities section of the statement of financial position in accordance with IFRS.

b. Prepare the non-current liabilities section of the statement of financial position in accordance with ASPE.

2.

Sunland Automotive Limited reported 2020 net income of $167,000 and sales of $421,000. Expenses for the year were as follows: depreciation expense $32,000, cost of goods sold $115,000, salaries and wages expense $53,000, rent expense $12,500 and loss on the disposal of equipment $20,000. Upon a review of the comparative statements of financial position, you note the following details: increase in accounts receivable $4,300, increase in inventory $3,500, decrease in accounts payable $2,100, decrease in salaries and wages payable $4,300 and decrease in prepaid rent $1,500. Prepare the operating section of the statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

3.

The statement of financial position of Marin Limited follows for the current year, 2020:

MARIN LIMITED Statement of Financial Position December 31, 2020

Current assets $140,980

Investments 91,160

Property, plant, and equipment 224,720

Intangible assets 33,920

Other assets 40,280

Total: $531,060

Current liabilities $102,820

Long-term liabilities 180,200

Shareholders' equity 248,040

Total: $531,060

The following additional information is available and is the source of errors in classification which need to be corrected.

1.		Current Assets include the following: bank account with an overdraft balance of $15,900; inventory with a FIFO cost of $92,220 and a net realizable value of $90,100; accounts receivable of $69,960 less allowance for doubtful accounts of $3,180.
2.		Investments include the following: a mortgage receivable from parent company $63,600, due in 2025; FV-NI investments held for trading with a cost of $10,600 and a fair value of $12,720; FV-OCI investments with a cost of $15,900 and a fair value of $14,840.
3.		Property, Plant and Equipment include the following: land $25,440; buildings $461,100 less accumulated depreciation of $307,400; vehicles $83,740 less accumulated depreciation of $51,940; land held for future use $13,780.
4.		Intangible assets include the following: patents net of accumulated amortization of $33,920.
5.		Other assets include the following: customer deposits of $7,420, unearned revenue of $3,180, goodwill $46,640 and accumulated other comprehensive income (loss) of $(4,240).
6.		Current Liabilities include the following:pension obligation of $57,240, interest payable of $4,240; salaries and wages payable of $8,480; accounts payable $32,860.
7.		Long-term Liabilities include the following: demand bank loan of $79,500; mortgage payable $100,700 of which $7,420 is due in the next year.
8.		Shareholders' Equity has 1,060 preferred shares (31,800 authorized) which were issued at an average price of $75 per share, and an unlimited number of authorized common shares with 58,300 shares issued at an average price of $1 per share, retained earnings of $110,240.

Prepare a statement of financial position in good form. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Vehicles.)