You are provided with the following balance sheet accounts of New Bay Inc., a public company, as

Question:

You are provided with the following balance sheet accounts of New Bay Inc., a public company, as at December 31, 2021:

Accounts payable .............................................................. $ 35,000
Accounts receivable ............................................................. 60,000
Accumulated depreciation—equipment ........................... 40,000
Accumulated other comprehensive income ...................... 2,000
Allowance for doubtful accounts ...................................... 10,000
Bonds payable, 8%, due 2023 .......................................... 268,000
Cash ...................................................................................... 22,000
Common shares, 10,000, no par value unlimited
authorized, 10,000 issued ................................................ 100,000
Equipment ........................................................................... 66,000
Interest payable .................................................................. 18,000
Interest receivable ................................................................ 1,500
Investment in associate ..................................................... 55,000
Investments at amortized cost

(mature January 1, 2025) ................................................. 180,000
Investments at FVTOCI ...................................................... 25,000
Investments at FVTPL ......................................................... 48,500
Note receivable, 5%, due April 21, 2024 .......................... 60,000
Retained earnings .............................................................. 45,000
Additional information:

1. Investments at amortized cost is a bond investment in Aliant Inc.

2. Investments at FVTOCI is an equity investment in Dreamspark Inc.

3. Investments at FVTPL is an equity investment in Imagine Corp. that was purchased for resale.

Instructions

Prepare New Bay’s classified balance sheet at December 31, 2021. Assume any investments reported at fair value through other comprehensive income are long-term.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial... Par Value
Par value is the face value of a bond. Par value is important for a bond or fixed-income instrument because it determines its maturity value as well as the dollar value of coupon payments. The market price of a bond may be above or below par,...

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