P4-10 LO 43 LO 4.7 SHOW MEOW Balance Sheet The following is a list (in random order) of KIP International Products Company's December 31, 2016, balance sheet accounts: Additional Paidin Capital on Preferred Stock 1.600 Accounts Payable $16,500 Accounts Receivable 13,800 Prepaid Inwronce 900 Dividends Payoble 1,800 Discount on Bonds Payable 2,000 Buildings 50,000 Common Stock $10 par 15.000 Bonds Payable (due 2019) 29,000 Equipment 29,000 Retained Earnings 25,800 Allowance for Doubtful Accounts 700 Office Supplies 1.900 Preferred Stock. $50 par 10,000 Current Income Taxes Payable 4,200 Accumulated Depreciation: Buildings 12,400 Accumulated Depreciation Equipment 8,300 Current Interest Payable 2,900 Patents (nel 2.400 Investment in Hold to Motorily Bonds 9,000 Notes Payable due January 1, 2019) 17,000 Cash 8,200 Inventory 24,400 Treasury Slock fat com 1,500 Additional Paidin Capitol on Common Stock 7.700 Accrued Woges 3,700 4,000 land Sinking Fund for Bond Retirement 9.500 Required: 1. Prepare a properly classified balance sheet according to U.S. GAAP for KIP as of December 31, 2016 2. Assume instead that KIP wes IFRS. Prepare its balance sheet as of December 31, 2016