Question: The following items are from the liability and shareholders' equity sections of Devon Limited's December 31, 2015, statement of financial position: Accounts payable...............................................................$ 2,900 Current

The following items are from the liability and shareholders' equity sections of Devon Limited's December 31, 2015, statement of financial position:

Accounts payable...............................................................$ 2,900

Current portion of mortgage payable...........................................3,570

Mortgage payable................................................................71,430

Retained earnings...............................................................338,290

Common shares....................................................................39,225

Unearned revenue................................................................16,295

Instructions

(a) Identify the statement of financial position category in which each of the above items should be classified.

(b) Prepare the liabilities and equity sections of the statement of financial position.

(c) If you completed P2-2B, compare the total assets in P2-2B with the total liabilities and shareholders' equity in P2-3B. Do these two amounts agree?

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