*NOTE: LONG ANSWER QUESTIONS MUST BE SUBMITTED SEPERATELY THROUGH THE MOODLE LINK PROVIDED - NO RESPONSE ENTERED HERE WILL BE MARKED. YOU MUST USE THE WORD AND/OR EXCEL TEMPLATES PROVIDED. YOU MAY SUBMIT 1) THE COMPLETED WORD AND/OR EXCEL DOCUMENTS OR 2) PRINT THE WORD AND/OR EXCEL TEMPLATES, COMPLETE BY HAND, AND SUBMIT YOUR SCANNED RESPONSE* *LONG ASWER QUESTION 2 MUST BE ANSWERED Queenstar Co. follows International Financial Reporting Standards. Queenstar classifies payments of interest as "operating" activities, and payments of dividends as "financing" activities. Queenstar Co.'s statement of financial position and their statement of income (year ending December 31, 2020) are provided below: December 31 2020 2019 Change Cash $47,000 $53,000 $(6,000) Cash equivalents (Note 1) 31,000 36,200 (5,200) Accounts receivable 352,000 291,000 61.000 Prepaid insurance 16,600 36,500 (19,900) Inventory 416,000 377,700 38,300 Supplies 13,000 17,000 (4,000) Long-term investment, at equity (Note 7) 420,000 408,300 11,700 Land (Note 6) 634,000 512,000 122,000 Buildings (Note 3) 1,310,000 1,280,000 30,000 Accumulated depreciation-buildings (400,000) (360,000) (40,000) Equipment (Note 4) 635,000 642,600 (7,600) Accumulated depreciation-equipment (160,000) (135,000) (25,000) Patent 100,000 100,000 -0- Accumulated amortization (40,000) (35,000) $3,374,600 $3,224,300 (5,000 $150,300 Bank overdrafts (temporary) $0 $80,200 $(80,200) Accounts payable 164,000 154,000 10,000 Income tax payable 26,000 35,000 (9,000)