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Prepare the 2023 classified Statement of Financial Position in good format. Fix all errors in classification, terminology, and numbers. Do not simply rewrite the poor-quality
Prepare the 2023 classified Statement of Financial Position in good format. Fix all errors in classification, terminology, and numbers. Do not simply rewrite the poor-quality balance sheet above. Present a numerically correct balance sheet with good format that complies with IFRS classifications, terminology, and standards. Carefully consider each line of the statement, and correct the statement so that it conforms with current standards. Use a Word table with two number columns. (24 marks) Question 2 (18 marks) Presented below is information for Drumline Company for 2023: Collections of Accounts Receivable $1,100,000 Retained Earnings, January 1, 2023 800,000 Sales Revenue 1,900,000 Selling and Administrative Expenses 290,000 Loss from Flood Damage 350,000 Dividends paid 34,000 Cost of Goods Sold 1,100,000 Loss resulting from calculation error on depreciation charge in 2021 (pre-tax) 460,000 Interest Revenue 180,000 Interest Expense 120,000 Loss on Loan Settlement 340,000 Gain on Foreign Currency 220,000 The following additional information is provided: Early in 2023, Drumline Company changed depreciation methods for its plant assets from the double-declining-balance to the straight-line method. The assets affected were purchased at the beginning of 2018 for $200,000, had no residual value, and had useful lives of 10 years. Depreciation expense of $20,000 is included
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