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Please use the adjusted trial balance provided below to prepare the asset section of Masterworks Manufacturing Ltd's Statement of Financial Position (10 marks) Masterworks Manufacturing

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Please use the adjusted trial balance provided below to prepare the asset section of Masterworks Manufacturing Ltd's Statement of Financial Position (10 marks) Masterworks Manufacturing Lid. Adjusted Trial Balance December 31, 2018 Debit Credit Cash 50,000 Accounts receivable 200,000 Land 440,000 Buildings 540,000 Accumulated depreciation, buildings $135,000 Accounts payable 100,000 Line of credit 60,000 Bank Loan payable 800,000 Bonds payable (due 2030) 300,000 Common shares 200,000 Retained earnings (365,000) Total $1,230,000 $1,230,000 Additional Information: 1. Masterworks Manufacturing Ltd. prepares statements under IFRS. 2. $57,000 of the bank loan is due in 2018 3. Cash consists of a CIBC chequing account $55,000, and a bank overdraft of $5,000 at National Bank 4. Accounts receivable consists of trade receivables $175.000, Allowance for doubtful accounts $25,000, and advances to directors due Nov. 30, 2020 550.000

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