Make sheffield prepares financial statements

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Reference no: EM132676705

Sheffield Corp.'s statement of financial position at the end of 2019 included the following items:

Current assets $1,145,000

Current liabilities $1,115,000

Land 30,900

Bonds payable 1,231,000

Buildings 1,320,000

Common shares 181,000

Equipment 331,000

Retained earnings 186,000

Accumulated depreciation-buildings (144,000)

Accumulated depreciation-equipment(11,800)

Intangible assets-patents 41,900

Total $2,713,000

The following information is available for the 2020 fiscal year:

1. Net income was $405,000.

2. Equipment (cost of $21,500 and accumulated depreciation of $8,080) was sold for $11,800.

3. Depreciation expense was $4,060 on the building and $9,170 on equipment.

4. Amortization expense on a patent was $3,020.

5. Current assets other than cash increased by $30,000. Current liabilities increased by $16,000.

6. An addition to a building was completed at a cost of $32,900.

7. An FV-OCI investment in shares was purchased for $22,200 on the last day of the year. This was the first such investment made by Sheffield in its history.

8. Bonds payable of $76,700 were issued at par.

9. Cash dividends of $181,000 were declared and paid. Dividends paid are treated as financing activities.

Problem 1: Sheffield prepares financial statements in accordance with IFRS.

Reference no: EM132676705

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