The following is a list (in random order) of KIP International Products Company's December 31, 2016 balance sheet accounts of the International Products Company:

Additional Paid-In Capital on Preferred Stock	$ 1,840					Accounts Payable	$ 11,600
Accounts Receivable	13,800					Prepaid Insurance	1,120
Dividends Payable	1,780					Discount on Bonds Payable	2,600
Buildings	53,500					Common Stock, $10 par	18,000
Bonds Payable (due 2019)	28,500					Equipment	33,900
Retained Earnings	77,130					Allowance for Doubtful Accounts	620
Office Supplies	2,220					Preferred Stock, $50 par	11,500
Current Income Taxes Payable	2,580					Accumulated Depreciation: Buildings	11,900
Accumulated Depreciation: Equipment	6,500					Current Interest Payable	2,230
Patents (net)	2,600					Investment in Held-to-Maturity Bonds	14,400
Notes Payable (due January 1, 2019)	10,700					Cash	8,300
Inventory	44,000					Treasury Stock (at cost)	1,800
Additional Paid-In Capital on Common Stock	5,900					Accrued Wages	2,460
Sinking Fund for Bond Retirement	4,800					Land	10,200

Required:

1). Prepare a properly classified balance sheet according to U.S. GAAP for KIP as of December 31, 2016.

2). Assume instead that KIP uses IFRS. Prepare its balance sheet as of December 31, 2016