PLEASE ANSWER WITH STEP BY STEP SOLUTION AND FULL ACCOUNTS USING EXCEL.
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The bookkeeper for Grace Inc. prepared the following balance sheet at Dec 31, 2023. \begin{tabular}{|c|c|c|c|} \hline Cash & 64,500 & Current liabilities & 150,000 \\ \hline Accounts Receivable & 92,000 & Long-term liabilities & 200,000 \\ \hline Inventories & 24,600 & Shareholder's Equity & 358,800 \\ \hline Investments & 33,200 & & 708,800 \\ \hline Land & 220,000 & & \\ \hline Building (net) & 168,000 & & \\ \hline Equipment (net) & 92,500 & & \\ \hline \multirow[t]{2}{*}{ Tradename (net) } & 14,000 & & \\ \hline & 708,800 & & \\ \hline \multicolumn{4}{|l|}{ The following additional information is provided } \\ \hline \multirow{2}{*}{\multicolumn{4}{|c|}{ 1. The cash balance includes: }} \\ \hline & & & \\ \hline Petty cash & 500 & & \\ \hline T-bill & 25000 & & \\ \hline Cash advance to employee, payable on demand & 1800 & & \\ \hline Savings account CIBC & 6700 & & \\ \hline Chequing account ClBC & 27,500 & & \\ \hline Bank overdraft at TD bank & -1000 & & \\ \hline \multirow[t]{2}{*}{ Short term paper maturity 2 months } & 4000 & & \\ \hline & 64500 & & \\ \hline 2. Allowance for doubtful account is & 7,200 & & \\ \hline & & & \\ \hline \end{tabular} - Of this amount, $20,000 was bought from George Inc. with terms f.o.b. shipping point (the net realizable value of this inventory was $35,000 ) - The remainder of inventory that cost $10,000 was shipped from Grace Inc. for consignment. The net realizable value for this inventory is $24,000. 4 - An interest bearing note receivable of $8,000 that was issued on June 1st,2023 bearing interest at 6% and is due on June 1,2024 Long-term FV-OCl investment $12,200 carrying value (fair value $9,000 at December 31,2023 ). Management plans on holding on to these investments for a number of years. - FV-NI Investment 1,000 common shares of Landon Inc. purchased at $13.00 per share (fair value $15.50 per share at December 31, 2023). Grace expected to sell the shares as soon as the market price increases more next year. 5. The land balance includes: land used for operations and recorded at its cost of $120,000 (the appraisal value of the land in 2023 was $400,000 ). Land held for future use cost of $100,000 (appraisal value of land $250,000 ). The company doesn't use the revaluation model. 6. The building originally cost $800,000. Depreciation for 2023 has already been recorded. Scotiabank has pledged the building as security for their $100,000 loan to Grace Corp. (collateral), the loan bears annual interests at 8%. 7 The tradename originally cost $24,000 and is being amortized over 6 years on a straight-line basis. Amortization for 2023 had already been recorded. 8. Included in the current liabilities is: Accounts payable $10,500, Wages payable $34,000, Deferred Revenue $24,000 and Pension obligation $81,500 9. Included in the long-term liabiliites is: Bank loan $100,0006%(10,000 is due each year), Notes Payable $100,0007% due November 30th 2024. 10. Included in the shareholder's equity is: Common shares $150,00010,000 issued and outstanding, Retained earnings ? and Accumulated Other Comprehensive Income $15,400. Required: Part 1 (20 marks) The company is a Canadian public company. Restate the Statement of Financial Position sheet at December 31, 2023 in good form. The categories are: Current Assets, Long-term Investments and Long-term Receivables, Property, Plant \& Equipment and Intangible Assets. Current liabilities, Long-term liabilities and Shareholder's Equity Part 2 (6 marks) Include any disclosure requirements. Part 3 (10 marks) If you changed any of the values to the assets or liabilities prepare any adjusting or correcting entries to reflect the changes you made
