Question: Consider Circle Ltd's balance sheet based on its exit price at the beginning of the year: CIRCLE LTD Balance Sheet as at 1 January Year

Consider Circle Ltd's balance sheet based on its exit price at the beginning of the year: CIRCLE LTD Balance Sheet as at 1 January Year 10 Cash $ 20 000 Accounts Payable $ 20 000 Inventory (1000 x $15) 15 000 Debentures Payable 10% 50 000 Investment in Y shares 20 000 Ordinary Capital 75 000 Building 90 000 Capital Maintenance Adjustment 8333 Land 10 000 Retained Earnings 1 667 TOTAL $ 155 000 $ 155 000

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