Please answer ASAP. $)$ Toasty Toes Inc. $($Toasty Toes$$ or $$the Company$)$ is a slipper manufacturer located in Montreal. They have a December $31$st year end and follow IFRS. You work as an accountant at Toasty Toes. You have been asked to prepare the required adjusting entries for the December$31$st year end and to prepare financial statements that will be presented to the CFO of Toasty Toes.

You have extracted the following unadjusted trial balance at December $31$st$,2023$ from the Company$$s accounting software $($Pls look at the picture $)$

You have gathered the foyo$\backslash$table$[[$Account name,Debit,Credit$],[$Accounts payable,,$121,200],[$Accounts receivable,,$],[$Accumulated depreciation $-$ manufacturing equipment,,$224,000],[$Accumulated depreciation $-$ warehouse,,$625,000],[$Accumulated OCI,$59,000,17,000],[$Allowance for doubtful accounts,,$1,500],[$Cash$,970,000,],[$Common shares,,$80,000],[$Cost of goods sold,$980,000,],[$Dividend income,$205,600,],[$Inventory $-$ finished goods,$750,000,],[$Inventory $-$ raw materials,$49,000,],[$Land$,15,000,],[$Long term investments $($FVOCI$),560,000,],[$Unrealized loss on FVOCI investments,,$],[$Manufacturing equipment,$22,200,],[$Note payable,,$],[$Other operating expenses,$30,000,],[$Preferred shares,,$1,128,600$ur colleagues in the accounting department:

$1.$ The manufacturing equipment is accounted for using the historical cost model and is depreciated on a straight$-$line basis. The equipment has a useful life of $5$ years. No new equipment was purchased in the year.

$2.$ The warehouse was purchased in $2018$ and is also accounted for using the historical cost model. The warehouse has a useful life of $15$ years and, when it was purchased, the salvage value was determined to be $$100,000.$ However, the warehouse is showing more $$wear and tear$$ than anticipated so management now believes that $$40,000$ is a more accurate salvage value.

$3.$ On November $1$st$,2023,$ Toasty Toes received a $5\%,$ $$800,000$ loan from the bank. The contract states that the principal must be repaid in full on November $1$st$,2027.$ Interest is due each year on November $1$st$.$

$4.$ On April $30$th$,2023,$ Toasty Toes repurchased $12,000$ common shares for $$5$ each.

$5.$ The $$Prepaid insurance$$ relates to an insurance policy Toasty Toes purchased for $$36,000$ on September $1$st$,2022.$ The policy provides Toasty Toes with insurance for their warehouse and inventory for two years, so until August $30$th$,2024.$

$6.$ On January $10$th$,2024,$ you received an electricity bill of $$2,000.$ The bill relates to the last quarter of $2023$ and has not yet been paid. No journal entry has been recorded related to this bill.

$7.$ Toasty Toes has a $25\%$ tax rate.

Required:

Prepare the following financial statements for Toasty Toes$$ December $31$st$,2023,$ year$-$end:

$-$ Statement of Comprehensive Income $($multi step, operating expenses grouped by nature$)$

$-$ Statement of Financial Position

$-$ Statement of Changes in Equity

The financial statements should be presented in good form according to IFRS.