Sandestino Company contributes cash of $170,000 and Costa Grande Company contributes net assets of $170,000 to create Grand Sand Company on January 1, Year 1. Sandestino and Costa Grande each receive a 50 percent equity interest in Grand Sand. Grand Sand's financial statements for its first year of operations are as follows:

Before making any accounting entries related to its investment in Grand Sand Company, Sandestino Company's financial statements for the year ended December 31, Year 1, are as follows:

Required
Restate Sandestino’s Year 1 financial statements to properly account for its investment in Grand Sand Company under IFRS.