You need to prepare the financial statement and the adjusting entries for the December31st year end...

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You need to prepare the financial statement and the adjusting entries for the December31st year end (using EXCEL) for a company that follows IFRS and has a December 31st year end. The company has a 25% tax rate. The following unadjusted trial balance at December 31st, 2023 has been provided to you. Account name Cash Land Accounts receivable Accounts payable Note payable Accumulated depreciation - manufacturing equipment Accumulated depreciation - warehouse Accumulated OCI Allowance for doubtful accounts Common shares Cost of goods sold Dividend income Debit Credit 59,000 750,000 165,000 121,200 800,000 224,000 625,000 17,000 11,500 1,200,000 970,000 80,000 Inventory finished goods 980,000 Inventory raw materials 205,600 Long term investments (FVOCI) 49,000 Unrealized loss on FVOCI investments 15,000 Manufacturing equipment 560,000 Other operating expenses 22,200 Preferred shares 200,000 Prepaid insurance Retained earnings Salaries expense 30,000 1,128,600 Sales returns Sales revenue 368,000 50,500 1,805,000 Social activities expense Warehouse Total You also have obtained the following information from the company: The warehouse was purchased in 2018 and is also accounted for using the historical cost model. The warehouse has a useful life of 15 years and, when it was purchased, the salvage value was determined to be $100,000. However, the warehouse is showingmore "wear and tear" than anticipated so management now believes that $40,000 is a more accurate salvage value. On April 30th, 2023, thecompany repurchased 12,000 common shares for $5 ea ch. 13,000 1,975,000 6,212,300 6,212,300 On November 1st, 2023, the company received a 5%, $800,000 loan from the bank. The contract states that the principal must be repaid in full on November 1st, 2027. Interest isdue each year on November 1st The "Prepaid insurance" relates to an insurance policy the company purchased for $36,000 on September 1st, 2022. The policy provides the company with insurance fortheir warehouse and inventory for two years, so until August 30th, 2024. On January 10th, 2024, you received an electricity bill of $2,000. The bill relates to thelast quarter of 2023 and has not yet been paid. No journal entry has been recorded related to this bill. The manufacturing equipment is accounted for using the historical cost model and is depreciated on a straight-line basis. The equipment has a useful life of 5 years. No newequipment was purchased in the year. To do (Using EXCEL): Prepare (1) Statement of Financial Position, (2) Statement of Changes in Equity and (3) Statement of Comprehensive Income (multi step, operating expenses grouped byn ature), for the Company's December 31st, 2023, year-end. Also Explain in great details all the calculations on how to obtain each figure. (Hint: If you are having trouble balancing the Statement of Financial Position, make sure you have included current year's Net Income in Retained Earnings. Also make sure to include both sides of the tax entry, so both income tax expense on the Statement of Comprehensive Income and income tax payable on your Statement ofFinancial Position) You need to prepare the financial statement and the adjusting entries for the December31st year end (using EXCEL) for a company that follows IFRS and has a December 31st year end. The company has a 25% tax rate. The following unadjusted trial balance at December 31st, 2023 has been provided to you. Account name Cash Land Accounts receivable Accounts payable Note payable Accumulated depreciation - manufacturing equipment Accumulated depreciation - warehouse Accumulated OCI Allowance for doubtful accounts Common shares Cost of goods sold Dividend income Debit Credit 59,000 750,000 165,000 121,200 800,000 224,000 625,000 17,000 11,500 1,200,000 970,000 80,000 Inventory finished goods 980,000 Inventory raw materials 205,600 Long term investments (FVOCI) 49,000 Unrealized loss on FVOCI investments 15,000 Manufacturing equipment 560,000 Other operating expenses 22,200 Preferred shares 200,000 Prepaid insurance Retained earnings Salaries expense 30,000 1,128,600 Sales returns Sales revenue 368,000 50,500 1,805,000 Social activities expense Warehouse Total You also have obtained the following information from the company: The warehouse was purchased in 2018 and is also accounted for using the historical cost model. The warehouse has a useful life of 15 years and, when it was purchased, the salvage value was determined to be $100,000. However, the warehouse is showingmore "wear and tear" than anticipated so management now believes that $40,000 is a more accurate salvage value. On April 30th, 2023, thecompany repurchased 12,000 common shares for $5 ea ch. 13,000 1,975,000 6,212,300 6,212,300 On November 1st, 2023, the company received a 5%, $800,000 loan from the bank. The contract states that the principal must be repaid in full on November 1st, 2027. Interest isdue each year on November 1st The "Prepaid insurance" relates to an insurance policy the company purchased for $36,000 on September 1st, 2022. The policy provides the company with insurance fortheir warehouse and inventory for two years, so until August 30th, 2024. On January 10th, 2024, you received an electricity bill of $2,000. The bill relates to thelast quarter of 2023 and has not yet been paid. No journal entry has been recorded related to this bill. The manufacturing equipment is accounted for using the historical cost model and is depreciated on a straight-line basis. The equipment has a useful life of 5 years. No newequipment was purchased in the year. To do (Using EXCEL): Prepare (1) Statement of Financial Position, (2) Statement of Changes in Equity and (3) Statement of Comprehensive Income (multi step, operating expenses grouped byn ature), for the Company's December 31st, 2023, year-end. Also Explain in great details all the calculations on how to obtain each figure. (Hint: If you are having trouble balancing the Statement of Financial Position, make sure you have included current year's Net Income in Retained Earnings. Also make sure to include both sides of the tax entry, so both income tax expense on the Statement of Comprehensive Income and income tax payable on your Statement ofFinancial Position)