The bookkeeper for the company has prepared the following balance sheet as at December 31, 2018: Cameron Corp Balance Sheet December 31, 2019 Cash $ 40,250 (1) Current Liabilities $ 237,500 Accounts Receivable (net) 85,550 (2) Long-term Liabilities 437,500 Inventories 105,000 (3) Shareholders' Equity 494,800 Investments 60,000 (4) Land 350.000 (5) Building (net) 525,000 (6) Copyright (net) 4,000 (7) $1.169.800 $1.169.800 The following additional information is provided: 1. The cash balance includes: Petty cash fund Cash advance to employee, payable on demand Saving Account at TD Bank Certificate of deposit (90-days) Chequing account at the Bank of Montreal Bank overdraft at the Scotia Bank Total $ 250 1,000 23,000 10.000 6,750 (750) S_40.250 2. - The allowance for doubtful accounts $7,750. 3. - The net realizable value of the inventory that is included in the Balance Sheet is $100.000.- - Inventories do not include $15,000 of merchandise that was in transit at December 31, which was sold to a customer with terms f.o.b. destination. The inventory reached the customer on January 5, 2020 - Inventories also do not include $20,000 inventory that was received by Royale Ltd. for consignment. 4. The investments section includes the following: notes receivable that was issued on September 15, 2019 bearing interest at 6% and due on August 31, 2020 $20,000: long-term FV-OCI investment $30,000 carrying value (fair value $26,000 at December 31,2019); and FV-NI Investment 500 common shares of Landon Inc. purchased at $10.00 per share (fair value $11.50 per share at December 31,2019). The company expects to sell the FV-NI shares as soon as the market price increases next year. 5. The land balance includes: land used for operations and recorded at its appraised value of $350,000 (the original cost of the land was $275,000). The company uses the historical cost method to account for property, plant & equipment. 6. The building originally cost $750.000. Depreciation for 2019 has already been recorded. 7. The copyright originally cost $10,000 and is being amortized over 5 years on a straight-line basis. Amortization for 2019 had already been recorded. 8. The company borrowed $50,000 from ABC Bank. The bank charges 5% and the loan is due May 14 2025. As part of the bank loan ABC Bank required Cameron Corp. to pledge their building as security for the loan (in other words it is the banks collateral). Required: Part 1 (2 marks) List 2 items that should be excluded from cash and cash equivalents from point 1 and explain. Part 2 (4 marks) Explain whether the 2 inventory items mentioned in point 3 should be included or excluded from Cameron Corp.'s inventory and why. Part 3 (17 marks) The company is a Canadian public company. Restate the asset side of Cameron's Statement of Financial Position sheet at December 31, 2019 in good form, including any disclosure requirements. The categories are: Current Assets, Long-term Investments, Property, Plant & Equipment and Intangible Assets. You can refer to chapter 5, 7, 8, 9, 10 and 11. Part 4 (8 marks) Prepare the December 31, 2019 adjusting entries for notes receivable, inventory and investments. Part 5 (1 mark) Assuming the Accumulated Other Comprehensive Income was $10,000 credit balance at the beginning of 2019, what would be the Accumulated Other Comprehensive Income at the end of the 2019? The bookkeeper for the company has prepared the following balance sheet as at December 31, 2018: Cameron Corp Balance Sheet December 31, 2019 Cash $ 40,250 (1) Current Liabilities $ 237,500 Accounts Receivable (net) 85,550 (2) Long-term Liabilities 437,500 Inventories 105,000 (3) Shareholders' Equity 494,800 Investments 60,000 (4) Land 350.000 (5) Building (net) 525,000 (6) Copyright (net) 4,000 (7) $1.169.800 $1.169.800 The following additional information is provided: 1. The cash balance includes: Petty cash fund Cash advance to employee, payable on demand Saving Account at TD Bank Certificate of deposit (90-days) Chequing account at the Bank of Montreal Bank overdraft at the Scotia Bank Total $ 250 1,000 23,000 10.000 6,750 (750) S_40.250 2. - The allowance for doubtful accounts $7,750. 3. - The net realizable value of the inventory that is included in the Balance Sheet is $100.000.- - Inventories do not include $15,000 of merchandise that was in transit at December 31, which was sold to a customer with terms f.o.b. destination. The inventory reached the customer on January 5, 2020 - Inventories also do not include $20,000 inventory that was received by Royale Ltd. for consignment. 4. The investments section includes the following: notes receivable that was issued on September 15, 2019 bearing interest at 6% and due on August 31, 2020 $20,000: long-term FV-OCI investment $30,000 carrying value (fair value $26,000 at December 31,2019); and FV-NI Investment 500 common shares of Landon Inc. purchased at $10.00 per share (fair value $11.50 per share at December 31,2019). The company expects to sell the FV-NI shares as soon as the market price increases next year. 5. The land balance includes: land used for operations and recorded at its appraised value of $350,000 (the original cost of the land was $275,000). The company uses the historical cost method to account for property, plant & equipment. 6. The building originally cost $750.000. Depreciation for 2019 has already been recorded. 7. The copyright originally cost $10,000 and is being amortized over 5 years on a straight-line basis. Amortization for 2019 had already been recorded. 8. The company borrowed $50,000 from ABC Bank. The bank charges 5% and the loan is due May 14 2025. As part of the bank loan ABC Bank required Cameron Corp. to pledge their building as security for the loan (in other words it is the banks collateral). Required: Part 1 (2 marks) List 2 items that should be excluded from cash and cash equivalents from point 1 and explain. Part 2 (4 marks) Explain whether the 2 inventory items mentioned in point 3 should be included or excluded from Cameron Corp.'s inventory and why. Part 3 (17 marks) The company is a Canadian public company. Restate the asset side of Cameron's Statement of Financial Position sheet at December 31, 2019 in good form, including any disclosure requirements. The categories are: Current Assets, Long-term Investments, Property, Plant & Equipment and Intangible Assets. You can refer to chapter 5, 7, 8, 9, 10 and 11. Part 4 (8 marks) Prepare the December 31, 2019 adjusting entries for notes receivable, inventory and investments. Part 5 (1 mark) Assuming the Accumulated Other Comprehensive Income was $10,000 credit balance at the beginning of 2019, what would be the Accumulated Other Comprehensive Income at the end of the 2019