need help creating financial statements

Farmland Corp. Prepares its financial statements under IFRS During the Year 2018 The company begins operations on January 1, 2018. The company is started by issuing 200,000 shares of common stock for $50,000,000 ($1 Par value stock) The Company immediately purchases an insurance policy for $24,000 cash. The insurance policy is a liability protection policy and the policy term is for 2 years. The company immediately purchases $600,000 in inventory for cash and sells $100,000 of this inventory to customer #1 for $160,000 on credit. The company immediately rents a herd of Cows. The Cows are rented for $20,000 (rent term is two months and therefore the amount is expensed in full in 2018) and this amount is paid in cash and recorded as "Cow expense". On January 14, the company purchases a small office building (paid in cash) as an investment that it will lease to an unrelated third party. The building costs $6,000,000 Farmland immediately finds a tenant who pays a $300,000 refundable security deposit (refundable in 2022 if there are no damages to the property). The lease term is for 8 years and the tenant pays $2,000,000 up front in January for the entire lease term. The company purchases a machine for $2,000,000 cash on January 1st and depreciates it over 10 years (depreciation is recorded straight line at year end and there is no salvage value) On June 1, customer #1 pays us $90,000 of the amount due. During June $100,000 dollars of research and development expenses are incurred. $40,000 of this amount has not been paid as of yearend (i.e. remains a payable). 25 % of these are considered Development Costs to be amortized beginning 2019. In November, a customer gives farmland $600,000 in cash for product that will be delivered in 2019. On December 1, 2018, the company sells inventory costing $100,000 to a customer in Europe for 200,000 Euros on credit to be collected 1/31/21. The Euro spot rate on 12/1/18 is 1.10. The Euro spot rate at 12/31/18 is 1.07 At year end 2018 the following values are associated with the Machine to run the annual impairment test: Undiscounted cash flows: $1,900,000 Selling Price: $1,500,000 Selling Costs $25,000 PV of future cash flows $1,700,000 The fair value of the office building at year end is $7,000,000. Farmland uses the fair value method under IFRS for this investment property. If Farmland used the historical cost method consistent with GAAP (it does not) the building would be depreciated on a straight-line basis with no salvage value over 25 years. The balance in your unearned revenue account should include unearned rental income plus unearned product revenue. Required: Using a separate Excel Spreadsheet, journalize the transactions and create a Balance Sheet and Income Statement for year-end 2018. For each line item of your journal entries classify the amount as an Asset, Liability, Shareholders' Equity, Revenue, COGS, Expense, Gain, or Loss. Also reconcile the income statement from IFRS to US GAAP. Farmland Corp. Prepares its financial statements under IFRS During the Year 2018 The company begins operations on January 1, 2018. The company is started by issuing 200,000 shares of common stock for $50,000,000 ($1 Par value stock) The Company immediately purchases an insurance policy for $24,000 cash. The insurance policy is a liability protection policy and the policy term is for 2 years. The company immediately purchases $600,000 in inventory for cash and sells $100,000 of this inventory to customer #1 for $160,000 on credit. The company immediately rents a herd of Cows. The Cows are rented for $20,000 (rent term is two months and therefore the amount is expensed in full in 2018) and this amount is paid in cash and recorded as "Cow expense". On January 14, the company purchases a small office building (paid in cash) as an investment that it will lease to an unrelated third party. The building costs $6,000,000 Farmland immediately finds a tenant who pays a $300,000 refundable security deposit (refundable in 2022 if there are no damages to the property). The lease term is for 8 years and the tenant pays $2,000,000 up front in January for the entire lease term. The company purchases a machine for $2,000,000 cash on January 1st and depreciates it over 10 years (depreciation is recorded straight line at year end and there is no salvage value) On June 1, customer #1 pays us $90,000 of the amount due. During June $100,000 dollars of research and development expenses are incurred. $40,000 of this amount has not been paid as of yearend (i.e. remains a payable). 25 % of these are considered Development Costs to be amortized beginning 2019. In November, a customer gives farmland $600,000 in cash for product that will be delivered in 2019. On December 1, 2018, the company sells inventory costing $100,000 to a customer in Europe for 200,000 Euros on credit to be collected 1/31/21. The Euro spot rate on 12/1/18 is 1.10. The Euro spot rate at 12/31/18 is 1.07 At year end 2018 the following values are associated with the Machine to run the annual impairment test: Undiscounted cash flows: $1,900,000 Selling Price: $1,500,000 Selling Costs $25,000 PV of future cash flows $1,700,000 The fair value of the office building at year end is $7,000,000. Farmland uses the fair value method under IFRS for this investment property. If Farmland used the historical cost method consistent with GAAP (it does not) the building would be depreciated on a straight-line basis with no salvage value over 25 years. The balance in your unearned revenue account should include unearned rental income plus unearned product revenue. Required: Using a separate Excel Spreadsheet, journalize the transactions and create a Balance Sheet and Income Statement for year-end 2018. For each line item of your journal entries classify the amount as an Asset, Liability, Shareholders' Equity, Revenue, COGS, Expense, Gain, or Loss. Also reconcile the income statement from IFRS to US GAAP