THE COMPANY:

Aylmer Industries Inc. (Aylmer) has been in business since 2018. Aylmer has two main business segments. This first segment is the construction of large-scale projects. In 2021, Aylmer had two large construction projects in process. The other segment is the sale of construction equipment. Details of the construction projects and the sale of construction equipment can be found later in this document and in the accompanying Excel file.

Aylmer has 65,000 common shares outstanding and the shares are publicly traded. Since Aylmer is a publicly traded company, it follows IFRS.

There are no preferred shares outstanding.

Aylmer posted accounting transactions throughout the year. The Excel unadjusted trial balance was prepared from the recorded transactions. Aylmers fiscal year-end is December 31^st. As a year-end review, management of Aylmer discovered that the following items have NOT been recorded and are NOT reflected in the unadjusted trial balance provided at December 31, 2021. For any journal entries, use December 31 as the date for the entries.

The accompanying Excel spreadsheet has important information and requirements. Please review the entire file carefully.

The unadjusted trial balance at December 31, 2021 and final trial balance at December 31, 2020 are provided in the Excel file for comparison purposes. Please see the Excel tab labelled Trial Balance. Use this Excel file and this tab to post journal entries as required, and to ensure that the worksheet remains in balance. You should use the worksheet to provide the ending balances needed to prepare the financial statements at December 31, 2021.

Ignore income taxes for this project.

1. Revalue an Asset

On December 31, 2021 (after recording depreciation); the company reviewed assets for revaluation. The building at 410 Main Street was appraised with a new value of $420,000. The company uses the revaluation asset adjustment method to account for revaluations.

In the Excel spreadsheet, see the tab Fixed Asset Details to perform any necessary calculations; and update the schedule as needed.

Notes to the Financial Statements Please add rows as needed 1 Cash and Cash Equivalents 2 Short-Term Investments 3 Accounts Receivable (net) 4 Inventories (net) 5 Construction in Process/Billings on Contract 6 Property and Equipment (net) 7 Intangible Assets (net) 8 Goodwill Notes to the Financial Statements Please add rows as needed 1 Cash and Cash Equivalents 2 Short-Term Investments 3 Accounts Receivable (net) 4 Inventories (net) 5 Construction in Process/Billings on Contract 6 Property and Equipment (net) 7 Intangible Assets (net) 8 Goodwill