The following is a list (in random order) of KIP International Products Company's December 31, 2016, balance sheet accounts:

Required:
1. Prepare a properly classified balance sheet according to U.S. GAAP for KIP as of December 31, 2016.
2. Assume instead that KIP uses IFRS. Prepare its balance sheet as of December 31, 2016.

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Additional Paid-in Capital on Preferred Stock Accounts Receivable Dividends Payable Buildings Bonds Payable (due 2019 Retained Earnings Office Supplies Current Income Taxes Payable Accumulated Depreciation: Equipment Patents (net) Notes Payable (due January 1, 2019) $1,600 Accounts Payable $16,500 13,800 1,800 50,000 29,000 25,800 Prepaid Insurance Discount on Bonds Payable Common Stock, $10 par Equipment Allowance for Doubtful Accounts 2,000 15,000 29,000 1、900 Preferred Stock, $50 par 4,200Accumulated Depreciation: Buildings 8,300 Current Interest Payable 2,400 Investment in Heldto-Maturity Bonds 17,000 Cash 10,000 12,400 2,900 9,000 8,200 1,500 3,700 9,500 24,400 Treasury Stock (at cost) Additional Paid-in Capital on Common Stock Sinking Fund for Bond Retirement 7,700 Accrued Wages 4,000 Land