The adjusted trial balance of Asian-Pacific Ltd. and other related information for the year 2022 are presented below amounts in thousands.

Additional information:

1. The average-cost method of inventory value is used.

2. The cost and fair value of the long-term investments that consist of ordinary shares and bonds are the same.

3. The amount of the Construction in Process account represents the costs expended to date on a building in the process of construction. (The company rents factory space at the present time.) The land on which the building is being constructed cost ¥85,000, as shown in the trial balance.

4. The patents were purchased by the company at a cost of ¥40,000 and are being amortized on a straight-line basis.

5. The notes payable represent bank loans that are secured by long-term investments carried at ¥120,000. These bank loans are due in 2023.

6. The bonds payable bear interest at 8% payable every December 31, and are due January 1, 2033.

7. 600,000 ordinary shares with a par value of ¥1 were authorized, of which 500,000 shares were issued and outstanding.

Instructions

Prepare a statement of financial position as of December 31, 2022, so that all important information is fully disclosed.

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Asian-Pacific Ltd. Adjusted Trial Balance December 31, 2022 Debit Credit Cash ¥ 41,000 Accounts Receivable 163,500 Allowance for Doubtful Accounts ¥ 8,700 Prepaid Insurance 5,900 Inventory 208,500 Long-term Investments 339,000 Land 85,000 Construction in Process 124,000 Patents 36,000 Equipment 400,000 Accumulated Depreciation-Equipment 240,000 Accounts Payable 148,000 Accrued Expenses 49,200 Notes Payable Bonds Payable 94,000 180,000 Share Capital-Ordinary 500,000 Share Premium-Ordinary 45,000 Retained Earnings 138,000 ¥1,402,900 ¥1,402,900