Ref. Debit Credit 303 ABC Corporation participates in merchandising business. It starts its operation on January 1, 20x1. The company registered 25,000 shares of common stocks at par of THB 100 each. Its fiscal period starts from January 1 and ends at December 31 of each year. As at December 31, 20x1, unadjusted trial balance of the company is following Account Items Retained earnings (as at January 1, 20x1) Dividends 0.00 304 20,000.00 401 Sale revenue -Inventory #A 540,000.00 402 Sale revenue- Inventory #B 5,000.00 ABC Corporation Unadjusted Trial Balance As at December 31, 20x1 403 Interest revenue 9,000.00 501 210,000.00 Ref. Account Items Dobit Crodit Cost of goods sold - Inventory #A Cost of goods sold - Inventory # B 502 2,500.00 101 Cash 2,368,500.00 503 Salary expense 60,000.00 102 Accounts receivable 250,000.00 103 Allowance for expected credit loss 12,500.00 504 Utility expense 87,500.00 104 Inventory #A 60,000.00 505 Insurance expense-buildings 60,000.00 105 Inventory #B 47,500.00 506 Expected credit loss 12,500.00 106 Allowance for inventory valuation 7,500.00 507 Loss on inventory valuation 7,500.00 Prepaid insurance expense-buildings (for the next 9 months) 508 Interest expense 0.00 107 50,000.00 108 Accrued interest revenue 509 9.000.00 Depreciation expense 27,750.00 111 Land 700,000.00 510 Income tax expense 16.450.00 112 Buildings 300,000.00 Totals 4.889,200.00 4.889,200.00 113 Vehicles 100,000.00 114 Accumulated depreciation-buldings 22,000.00 As at December 31, 20x1 (before the preparation of financial statements), accountant of the company considers the following adjusting entries. 115 Accumulated depreciation vehicles 5.750.00 ABC Corporation forgets to record the 20x1 depreciation expense for a vehicle. This vehicle is acquired on April 1, 116 Investment in bonds of other companies 500,000.00 20x1 at cost of THB 60,000. The company applies straight-line method for depreciation calculation, and estimates the 201 Accounts payable 100.000.00 202 Unearned sale revenue - Inventory # B useful life of this vehicle of 3 years. Residual value is THB 3,000. (Adjusting entry for depreciation of the vehicle) 55,000.00 203 Salary payable 6,000.00 ABC Corporation received utility bill of the December month of THB 9,000. This bill is supposed to be paid on January 204 Income tax payablo 16,450.00 15, 20x2. (Adjusting entry for accrued utility expense) 205 Dividende payable 20,000.00 ABC Corporation has not yet computed and recorded an interest expense for its loan. The company borrowed THB 206 400,000.00 Loan from banks (due on December 1, 20x3) Common shares (par at THB 100 each) 400,000 from a commercial bank on December 1, 20x1. Bank charges an interest of 8.5%, and requests to pay the interest at the beginning of each month starting from January 1, 20x2. (Adjusting entry for accrued interest expense). 301 2,000,000.00 302 Additional paid-in capital-common shares 1,690,000.00 Additional information: ABC Corporation invested in bonds of other companies. It intends to hold until the maturity date of bonds, which will be November 1, 20x6. Q: Prepare statement of financial position of ABC Corporation as at December 31, 20x1