long question so i divided into 4 pictures, info in the first 3

. Question 2 (32 points) On January 1. Year 6. HD Ltd., a building supply company, JC Ltd., a construction company, and Mr. Saeid, a private investor, signed an agreement to carry out a joint operation under the following terms and conditions: A partnership under the name of Olympic Homes would be established. JC would identify the homes for renovation. Olympic Homes would purchase the home and arrange a first mortgage on the property when the home is purchased for renovation and resale. JC would perform the renovation work at a discounted fee. HD would supply all of the construction materials at a reduced markup from its regular sales. Mr. Saeid would guarantee the payment of the mortgage and would lend money to Olympic for the down payment on the purchase of the property and to finance the cost of materials and labour during the renovation. The loans would be interest free with no monthly payments and would be repayable out of the proceeds on sale of the property. All three parties would contribute $148,000 as start-up capital, would have a one-third interest in the assets, be responsible for one-third of the liabilities and would receive one-third of the profit from the Partnership. All three parties must agree on major operating and financing decisions with respect to operations carried out by Olympic. Condensed financial statements for HD Ltd. and Olympic for the year ended December 31, Year 6, were as follows: STATEMENTS OF FINANCIAL POSITION At December 31, Year 6 HD Ltd. Olympic Homes Assets Properties under renovation Investment in Olympic Homes Inventory Cash Other assets $ 0 $ 504.000 148,000 0 434,000 0 74,000 50,400 1,248,000 765,000 $ 1,904,000 $1,319,400 Shareholders' Equity and Liabilities Ordinary shares/capital contributed Retained/accumulated earnings Mortgage payable Loan payable to Mr. Saeid Accounts payable Other liabilities $ 524,000 $ 444,000 292,000 39,000 O 231,000 0 144,000 404,000 231,000 684,000 230,400 $ 1,904,000 $1,319,400 INCOME STATEMENT INCOME STATEMENTS For the Year Ended December 31, Year 6 HD Ltd. Olympic Homes Sales $2,300,000 $1,500,000 Income from Olympic 64,000 0 2,364,000 1,500,000 Cost of goods sold 1,610,000 975,000 Selling expenses 274,000 186,000 Other expenses 134,000 147.000 Income tax expense 104.000 0 2,122,000 1,308,000 Profit $242,000 $ 192,000 Additional information: . During Year 6, HD had sales of $138,000 to JC at a markup of 20 percent of selling price. At December 31, Year 6, the property under renovation included supplies purchased from HD of $66,000. Olympic completed two projects under the joint operations. Olympic distributed $64,000 of income to each of the partners in December. HD accounts for its share of income from the joint operations when it is received from Olympic. HD pays income tax at a rate of 40%. The income earned by Olympic is not taxed in Olympic. It is flowed through and taxed in the hands of the partners. . Required Prepare corrected Year 6 financial statements for HD in accordance with IFRS 11. (Do not round intermediate calculations. Leave no cells blank - be certain to enter "0" wherever required. Input all amounts as positive values. Omit $ sign in your response.) Paragraph UA HD LTD STATEMENTS OF FINANCIAL POSITION At December 31, Year 6 Assets Properties under renovation Add a File Record Audio Record Video