The bookkeeper for Grace Inc. prepared the following balance sheet at Dec

Cash Current liabilities

Accounts Receivable net Longterm liabilities

Inventories cost Shareholder\'s Equity

Investments

Land

Building net

Equipment net

Tradename net

The following additional information is provided

The cash balance includes:

Petty cash

Tbill

Cash advance to employee, payable on demand

Savings account CIBC

Chequing account CIBC

Bank overdraft at TD bank

Short term paper maturity months

Allowance for doubtful account is

The net realizable value of inventory that is included in the balance sheet is $

Inventories do not include $ of merchandise that was in transit at December

Of this amount, $ was bought from George Inc. with terms fOb shipping point the net realizable value of this inventory was $

The remainder of inventory that cost $ was shipped from Grace Inc. for consignment. The net realizable value for this inventory is $

The investments section includes the following:

An interest bearing note receivable of $ that was issued on June st bearing interest at and is due on June

Longterm FVOCI investment $ carrying value fair value $ at December Management plans on holding on to these investments for a number of years.

FVNI Investment common shares of Landon Inc. purchased at $ per share fair value $ per share at December Grace expected to sell the shares as soon as the market price increases more next year.

The land balance includes: land used for operations and recorded at its cost of $the appraisal value of the land in was $ Land held for future use cost of $appraisal value of land $ The company doesnt use the revaluation model.

The building originally cost $ The equipment originally cost $ Depreciation for has already been recorded.

Scotiabank has pledged the building as security for their $ loan to Grace Corp. collateral the loan bears annual interests at

The tradename originally cost $ and is being amortized over years on a straightline basis. Amortization for had already been recorded.

Included in the current liabilities is: Accounts payable $ Wages payable $ Deferred Revenue $ and Pension obligation $

Included in the longterm liabiliites is: Bank loan $ is due each year Notes Payable $ due November th

Included in the shareholder\'s equity is: Common shares $ issued and outstanding, Retained earnings and Accumulated Other Comprehensive Income $

Required:

Part marks

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

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

Longterm Investments and Longterm Receivables, Property, Plant & Equipment and Intangible Assets.

Current liabilities, Longterm liabilities and Shareholder\'s Equity

Partmarks

Include any disclosure requirements.

Partmarks

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