Case 2: (6 Marks)

Presented below are selected accounts from the adjusted trial balance ($ Millions) for UAE Industries for December 31 of the current year.

	Debit	Credit
Accounts Receivabletrade	$895
Building and Equipment	1425
Cash in Bankoperating	76
Interest Receivable	60
Installment Receivables	120
Merchandise Inventory	100
Land	600
Notes Receivablelong term	475
Petty Cash	12
Prepaid Expenses -current	46
Supplies	28
Patent	85
Accounts PayableTrade		710
Accumulated Depreciation		375
Additional Paid in Capital		725
Allowance for Uncollectible Accounts		95
Cash Dividends Payable		50
Common Stock$1 par value		90
Income Tax Payable		105
Notes Payable2 years		1000
Retained Earnings		85
Unearned Revenues2 years		125
Cash Dividends Declared	200
Income Summary		762
TOTALS	$4122	$4122

Prepare a classified balance sheet in IFRS-acceptable format for UAE Industries.