Marker Inc. has the following cash balances:

JP Morgan Chase

First National Bank

Bank of America

Citi Commercial

Required:

$151,000.00

-$11,400.00

$25,100.00

-$6,500.00

Prepare the current assets and current liabilities section of Markers year 1 balance sheet, assuming Marker reports under U.S. GAAP.

Prepare the current assets and current liabilities section of Markers year 1 balance sheet, assuming Marker reports under IFRS.

Clearly explain why Markers current assets, and current liabilities would differ in you answers to part 1 and part II above; by how much would current liabilities differ under IFRS?