The trial balance of evening Co. as of December 31, 20x1 is shown below;

Debits Credits

Cash on hand 120,000

Cash in bank 980,000

Account receivable 2,000,000

Allowance for doubtful accounts 300,000

Advances to employees 40,000

Advances to officers 130,000

(due in 20x3)

Advances to affiliates 670,000

(no agreed due date)

Inventories 200,000

Dairy cattle(used to produce milk) 1,200,000

Advances to suppliers 30,000

Fair value of plan assets 1,000,000

Land(held for long term capital 900,000

appreciation)

Land(office building site) 1,200,000

Building 4,800,000

Accumulated depriciation- Bldg. 1,600,000

Patent 440,000

Accumulated amortization-Patent 80,000

Web site costs 250,000

Accumulated amortization- 50,000

Web site

Accounts payable 720,000

Utility payables 80,000

Loans payable(short-term bankloan) 2,500,000

Discount on loan payable 740,000

Provision for probable loss on lawsuit 430,000

Deposit liability for returnable 120,000

containers (short-term)

Present value of defined benefit 2,700,000

obligation

Ordinary share capital 4,000,000

Share premium 600,000

Share-premium-Share warrants 300,000

outstanding

Share premium- treasury shares 70,000

Retained earnings 1,030,000

Reserves for contingencies 190,000

Translation gain on foreign operation 30,000

Treasury shares 100,000

Totals 14,800,000 14,800,000

Requirements;

Prepare the financial position of Evening Co.?