PR 4-10

1. Prepare a properly classified balance sheet according to U.S. GAAP for KIP as of December 31, 2016.

2. Assume instead that KIP uses IFRS. Prepare its balance sheet as of December 31, 2016.

Additional Paid-in Capital on Preferred Stock Accounts Receivable Dividends Payable Buildings Bonds Payable (due 2019) Retained Earnings Office Supplies Current Income Taxes Payable Accumulated Depreciation: Equipment Patents (net Notes Payable (due January1, 2019) Inventory Additional Paid- in Capital on Common Stock Sinking Fund for Bond Retirement $16,500 900 2,000 15,000 29,000 700 10,000 12,400 2,900 9,000 8,200 1500 3,700 9,500 Accounts Payable Discount on Bonds Payable $ 1,600 13,800 Prepaid Insurance 1,800 50,000 Common Stock, $10 par 29,000Equipment 25,800 Allowance for Doubtful Accounts 1,900Preferred Stock, $50 par 4,200 Accumulated Depreciation: Buildings 8,300Current Interest Payable 2,400 Investment in Heldto-Maturity Bonds 17,000 Cash 24,400 Treasury Stock (at cost) 7,700 Accrued Wages 4,000 land