The trial balance of Eastwood Inc. and other related information for the year 2023 follows:

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Eastwood Inc.

Trial Balance

December 31, 2023

Debits

Credits

Cash

$41,000

Accounts receivable

163.500

Allowance for expected credit losses

$8,700

Prepaid insurance

5,900

Inventory

208,500

FV-OCI investments

339.000

Land

85,000

Construction in process

124,000

Intangible assets--patents

36.000

Equipment

400.000

Accumulated depreciation-equipment

240.000

Accounts payable

148.000

Income tax payable

49.200

The inventory has a net realizable value of $212,000. The FIFO method of inventory valuation is used.

The FV-OCI investments' fair value is $378,000.

The amount of the Construction in Process account represents the costs to date on a building in the process of construction. (The company is renting factory space while waiting for the new building to be completed.) The land that the building is being constructed on cost $85,000, as shown in the trial balance.

The company purchased the patents at a cost of $40,000, and the patents are being amortized on a straight-line basis.

The bonds payable have a face value of $200,000, bear interest at 7% payable every December 31, and are due January 1, 2035.

6.

Of the remaining $20,000 unamortized discount on bonds payable (face value $200,000 less carrying amount $180,000), $2.000 will be amortized in 2024.

The notes payable represent bank loans that are secured by FV-OCI investments carried at $120,000. These loans are due in

7. 2024

8. For common shares, an unlimited number are authorized and 500,000 are issued and outstanding.