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Presented below are selected accounts from the adjusted trial balance ($ Millions) for San Pedro Industries for June 30 of the current year. Debit Credit

Presented below are selected accounts from the adjusted trial balance ($ Millions) for San Pedro Industries for June 30 of the current year.

Debit

Credit

Accounts Receivable—trade

$895

Building and Equipment

1425

Cash in bank—Operating

76

Interest Receivable

60

Installment receivables

120

Merchandise Inventory

100

Land

600

Notes receivable—Long term

475

Petty cash

12

Prepaid expenses current

46

Supplies

28

Patent

85

Accounts Payable—Trade

710

Accumulated Depreciation

375

Additional Paid in Capital

725

Allowance for Uncollectible Accounts

95

Cash Dividends Payable

50

Common Stock—$1 par value

90

Income tax payable

105

Notes payable—2 years

1000

Retained Earnings

85

Unearned Revenues—2 years

125

Cash Dividends Declared

200

Income Summary

762

TOTALS

$4122

$4122

Required:

Prepare a classified balance sheet in IFRS-acceptable format for San Pedro Industries.

Prepare journal entries to record current tax and deferred tax for the year ended 30 June 2015

Please do in IFRS format only

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