The following statement of financial position was prepared by the bookkeeper for Badger Corp. at December 31, 2020.
		Badger Corp.
		Statement of Financial Position
		31-Dec-20
Cash (net)		$90,000	Accounts payable	$75,000
Accounts receivable (net)		52,200	Long-term liabilities	110,000
Inventories		57,000	Shareholders equity	208,500
Investments		76,300
Equipment (net)		86,000
Patents		32,000		________
		$393,500		$393,500
The following additional information about the above Carrying (Book) Values is provided:
1. Cash value above of $90,000 includes prepaid insurance of $9,000; as well, a bank overdraft of $11,000 has been deducted.
2 The net accounts receivable balance of $52,200 above includes:
	(a) accounts receivabledebit balances $62,000;
	(b) accounts receivablecredit balances $5,000;
	(c) allowance for doubtful accounts $4,800.
3 Inventories are valued at Lower of Cost and Net Realizable Value using the FIFO costing method. The Net Realizable Value is $65,000 at year end.
4 Investments include:
investments in common shares for trading using FV-NI method of $24,000 the (Fair Value is $20,000 at year end) and
long-term investment using FV-OCI method of $31,300 (the Fair Value is $31,300 at year end), and
Treasury bills that low risk and highly liquid and maturing in 30 days $21,000. (Note that the company has decided to define Cash to include Cash Equivalents meeting the definition of a Cash Equivalent investment).
5 Equipment costing $28,000 with accumulated depreciation $8,000 is no longer used and is held for sale. Accumulated depreciation on the other equipment is $40,000. The depreciable equipment is depreciated using straight line method over 8 years.
6 The Patents value above includes:
Net Patents of $16,000 with an original gross value of $40,000 and accumulated amortization of $24,000,(amortized straight line over 10 years) and
Goodwill $16,000
7. The Long Term Liabilities consist of only a Note Payable. This Note bears interest of 5% per year payable on December 31st of the year. It is due in equal annual principal installments of $22,000 each year from December 31, 2021 to December 31, 2025. Payments due December 31, 2020 have already been paid.
8. The Shareholders Equity account balance above (before any adjustments required from information provided in this question) includes:
a. $20,000 of Common Shares of which 200 shares are authorized, issued and outstanding at year end),
b. Dividends declared and paid of $15,000,
c. Accumulated Other Comprehensive Income of $18,000 (before any adjustments deemed necessary by you)
d. Retained Earnings $185,500 (before any adjustments deemed necessary by you)
.
Required:
Prepare the LIABILITIES & SHAREHOLDER'S EQUITY SECTIONS ONLY for the Statement of Financial Position for Badger Corp. that applies IFRS principles.
DO NOT PREPARE THE ASSETS SECTION AT ALL.
Be sure to LABEL all separate major classifications on the statement and underline these labels.
Also subtotal all classifications that have more than one number.
****Very important**** Marks will be awarded for including all required IFRS disclosure (accounting policies, valuation methods and other information) if the data was provided in the question.
If information provided in the question warrant an adjustment to the values please adjust all accounts appropriately. There is no requirement to show your adjusting journal entries.