The Following is a list (in random order of KIP international Products Company's December 31, 2013 balance sheet accounts:

Required:
1. Prepare a properly classified balance sheet according to U.S GAAP for KIP as of December 31, 2013.
2. Assume instead that KIP Uses IFRS. Prepare its balance sheet as of December 31, 2013.

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Additional Paid-In Capital on Preferred Stock Accounts Payable Prepaid Insurance Discount on Bonds Payable Common Stock, $10 par Equipment Allowance for Doubtful Accounts Preferred Stock, $50 par Accumulated Depreciation: Buildings Current Interest Payable $ 1,600 13,800 $16,500 900 2,000 15,000 29,000 700 10,000 12,400 Accounts Receivable Dividends Payable Buildings 50,000 29,000 25,800 Bonds Payable (due 2016) Retained Earnings Office Supplies Current Income Taxes Payable Accumulated Depreciation: Equipment Patents (net) Notes Payable (due January 1, 2016) 4,200 8,300 2,400 17,000 Investment in Held-to-Maturity Bonds 9,000 8,200 Cash Treasury Stock (at cost) Inventory Additional Paid-In Capital on Common Stock Sinking Fund for Bond Retirement Accrued Wages Land 3,700 9,500 4,000