PLEASE USE EXCEL!!!!!!!!! ADD SOLUTION IF DOING A CALCULATION!!!!

Please Answer the Following:

Part 1:

Prepare a Statement of Financial Position Sheet At December 31, 2023 in good form.

PLEASE FOLLOW THESE CATEGORIES (IN THESE EXACT ORDER)

CATEGORIES ARE:

• Current Assets
• Long-term Investments and Long-term Receivables
• Property, Plant & Equipment
• Intangible Assets
• Current liabilities
• Long-term liabilities
• Shareholder's Equity.

INCLUDE THE NUMBER WHEN MAKING THE STATEMENT OF FINANCIAL POSITION!!!!!!

Part 2:

Include any disclosure requirements.

Part 3:

If you changed any of the values to the assets or liabilities prepare any adjusting or correcting entries to reflect the changes you made.

The bookkeeper for Grace Inc. prepared the following balance sheet at Dec 31, 2023. \begin{tabular}{|l|r|l|l|} \hline & & & 150,000 \\ \hline Cash & 64,500 & Current liabilities & 200,000 \\ \hline Accounts Receivable & 92,000 & Long-term liabilities & 358,800 \\ \hline Inventories & 24,600 & Shareholder's Equity & 708,800 \\ \hline Investments & 33,200 & \\ \hline Land & 220,000 & & \\ \hline Building (net) & 168,000 & \\ \hline Equipment (net) & 92,500 & & \\ \hline Tradename (net) & 14,000 & \\ \hline & 708,800 & \\ \hline \end{tabular} The following additional information is provided 1. The cash balance includes: \begin{tabular}{|r|r} \hline Petty cash & 500 \\ \hline T-bill & 25000 \\ \hline \begin{tabular}{l} Cash advance to employee, \\ payable on demand \end{tabular} & 1800 \\ \hline Savings account CIBC & 6700 \\ \hline Chequing account CIBC & 27,500 \\ \hline Bank overdraft at TD bank & -1000 \\ \hline Short term paper maturity 2 & 4000 \\ \hline months & 64500 \end{tabular} 2. Allowance for doubtful account is 7,200 3 The net realizable value of inventory that is included in the balance sheet is $20,000 - Inventories do not include $30,000 of merchandise that was in transit at December 31. - Of this amount, $20,000 was bought from George Inc. with terms f.o.b. shipping point (the net realizable value of this inventory was $35,000 ) The remainder of inventory that cost $10,000 was shipped from Grace Inc. for consignment. The net realizable value for this inventory is $24,000. 4. The investments section includes the following: June 1, 2024 Name Box - Long-term FVOCl investment $12,200 carrying value (fair value $9,000 at December 31,2023 ). Management plans on holding on to these investments for a number of years. - FV-NI Investment 1,000 common shares of Landon Inc. purchased at $13.00 per share (fair value $15.50 per share at December 31,2023). Grace expected to sell the shares as soon as the market price increases more next year. 5. The land balance includes: land used for operations and recorded at its cost of $120,000 (the appraisal value of the land in 2023 was $400,000 ). Land held for future use cost of $100,000 (appraisal value of land $250,000 ). The company doesn't use the revaluation model. 6. The building originally cost $800,000. Depreciation for 2023 has already been recorded. Scotiabank has pledged the building as security for their $100,000 loan to Grace Corp. (collateral), the loan bears annual interests at 8%. . 7 The tradename originally cost $24,000 and is being amortized over 6 years on a straight-line basis. Amortization for 2023 had already been recorded. 8. Included in the current liabilities is: Accounts payable $10,500, Wages payable $34,000, Deferred Revenue $24,000 and Pension obligation $81,500 9. Included in the long-term liabilites is: Bank loan $100,0006%(10,000 is due each year), Notes Payable $100,0007% due November 30th 2024. 10. Included in the shareholder's equity is: Common shares $150,00010,000 issued and outstanding, Retained earnings ? and Accumulated Other Comprehensive Income $15,400. Required: Part 1 (20 marks) The company is a Canadian public company. Restate the Statement of Financial Position sheet at December 31, 2023 in good form. The categories are: Current Assets, Long-term Investments and Long-term Receivables, Property, Plant \& Equipment and Intangible Assets. Current liabilities, Long-term liabilities and Shareholder's Equity Part 2 (6 marks) Include any disclosure requirements. Part 3 (10 marks) If you changed any of the values to the assets or liabilities prepare any adjusting or correcting entries to reflect the changes you made