The bookkeeper for Grace Inc. prepared the following balance sheet at Dec $31,2023.$

$\backslash$table$[[,,],[$Cash$,451,500,$Current liabilities$],[$Accounts Receivable $($net$),644,000,$Long$-$term liabilities$],[$Inventories $($cost$),172,200,$Shareholder's Equity$],[$Investments$,232,400,],[$Land$,220,000,],[$Building $($net$),1,176,000,],[$Equipment $($net$),647,500,],[$Tradename $($net$),98,{000}_{?},],[,3,641,600,],[,,]]$

The following additional information is provided

The cash balance includes:

Petty cash

T$-$bill

Cash advance to employee, payable on demand

Savings account CIBC

Chequing account CIBC

Bank overdraft at TD bank

Short term paper maturity $2$ months

$2.$ Allowance for doubtful account is

$3$ The net realizable value of inventory that is included in the balance sheet is $$140,000$

Inventories do not include $$210,000$ of merchandise that was in transit at December $31.$

Of this amount, $$140,000$ was bought from George Inc. with terms f$.$o$.$b$.$ shipping point $($the net realizable value of this inventory was $$245,000)$

The remainder of inventory that cost $$70,000$ was shipped from Grace Inc. for consignment. The net realizable value for tl inventory is $$168,000.$

$4.$ The investments section includes the following:

An interest bearing note receivable of $$8,000$ that was issued on June $1$ st$,2023$ bearing interest at $6\%$ and is due on June $2024$

Long$-$term FV$-$OCI investment $$12,200$ carrying value $($fair value $$9,000$ at December $31,2023).$ Management plans on holding on to these investments for a number of years.

FV$-$NI Investment $1,000$ common shares of Landon Inc. purchased at $$91\mathrm{.}00$ per share $($fair value $$108\mathrm{.}50$ per share at December $31,2023).$ Grace expected to sell the shares as soon as the market price increases more next year.

$5.$ The land balance includes: land used for operations and recorded at its cost of $$120,000($the appraisal value of the land in $2023$ was $$2,800,000).$ Land held for future use cost of $$100,000($appraisal value of land $$1,750,000).$ The company doesn't use the revaluation model.

$6.$ The building originally cost $$5,600,000.$ The equipment originally cost $$1,400,000.$ Depreciation for $2023$ has already been recorded.

Scotiabank has pledged the building as security for their $$100,000$ loan to Grace Corp. $($collateral$),$ the loan bears annual interests at $8\%.$

$7$ The tradename originally cost $$168,000$ and is being amortized over $6$ years on a straight$-$line basis. Amortization for $2023$ had already been recorded.

$8.$ Included in the current liabilities is: Accounts payable $$73,500,$ Wages payable $$238,000,$ Deferred Revenue $$168,000$ and Pension obligation $$570,500$

$9.$ Included in the long$-$term liabilites is: Bank loan is due each year$),$ Notes Payable $$700,0007\%$ due November $30$th $2024.$

$10.$ Included in the shareholder's equity is: Common shares $$1,050,00010,000$ issued and outstanding, Retained earnings $?$ an Accumulated Other Comprehensive Income $$107,800.$

Required:

Part $1(20$ marks$)$

The company is a Canadian public company. Restate the Statement of

Financial Position sheet at December $31,2023$ in good form. The categories are: Current Assets,

Long$-$term Investments and Long$-$term Receivables, Property, Plant & Equipment and Intangible Assets.

Current liabilities, Long$-$term liabilities and Shareholder's Equity

Part $2(6$ marks$)$

Include any disclosure requirements.

Part $3(10$ marks$)$

If you changed any of the values to the assets or liabilities prepare any adjusting or correcting entries to reflect the changes you made.