The following trial balance was generated for the company at 12/31/2017:

Common stock 9,600

Revenue 4,000

Beginning inventory of FG at January 1 2017 0

Raw materials used in production 300

Factory power and utilities 200

Factory rent for 2017 500

Factory plant and equipment cost 7,000

Selling and admin expenses 500

Cash 200

Research and development expenditure 2,500

Patent costs/expenses 2,000

Loan interest paid on construction loan 520

Interest received on unsued portion of construction loan 60

Manufacturing facility at construction cost 1,880

Construction loan 3,000

Freehold land at cost 1,000

16,600 16,600

Using accounting practices allowed under U.S. GAAP, prepare an income statement for December 31 2017 and a statement of financial position at that date that achieve the company's aim of impressing potential investors and lenders.

Using accounting practices allowed under IFRS, prepare an income statement for December 31 2017 and a statement of financial position at that date that achieve the company's aim of impressing potential investors and lenders.