The following trial balance was prepared by Vantage Electronics Corp., a Canadian private enterprise, as of 31 December 20X5. The adjusting entries for 20X5 have been made, except for any related to the specific information noted below.

VANTAGE ELECTRONICS Trial Balance
31 December 20X5
Cash	$15,000
Accounts receivable	15,000
Inventories	17,000
Equipment	22,400
Land	6,400
Building	7,600
Prepaid expenses	1,100
Accounts payable		$ 5,500
Note payable, 10%		8,000
Share capital, 2,500 shares outstanding		38,500
Retained earnings		32,500
Totals	$84,500	$84,500

Other information:

You find that certain errors and omissions are reflected in the trial balance:

a.The $15,000 balance in accounts receivable represents the entire amount owed to the company; of this amount, $12,400 is from trade customers and 5% of that amount is estimated to be uncollectible. The remaining amount owed to the company represents a long-term advance to its president.

b.Inventories include $1,000 of goods incorrectly valued at double their cost (i.e., reported at $2,000). No correction has been recorded. Office supplies on hand of $500 are also included in the balance of inventories.

c.When the equipment and building were purchased new on 1 January 20X0 (i.e., six years earlier), they had estimated lives of 10 and 25 years, respectively. They have been amortized using the straight-line method on the assumption of zero residual value, and depreciation has been credited directly to the asset accounts. Amortization has been recorded for 20X5.

d.The balance in the land account includes a $1,000 payment made as a deposit on the purchase of an adjoining tract. The option to buy it has not yet been exercised and probably will not be exercised during the coming year.

e.The interest-bearing note dated 1 April 20X5 matures 31 March 20X6. Interest on it has not been recorded for 20X5.

Required:

Prepare a balance sheet with appropriate captions and subcaptions. Show the computation of the ending balance in retained earnings.

Which items in your balance sheet that you prepared in requirement 1 would be different if the statement of financial position were prepared using IFRS rather than ASPE?