Reference no: EM132624161

Question - Relax company provided the following information on December 31, 2014

Cash 400,000

Accounts receivable 800,000

Allowance for doubtful accounts 50,000

Inventories 1,000,000

Land 500,000

Building 5,000,000

Accumulated depreciation building 2,000,000

Machinery 3,000,000

Accumulated depreciation machinery 1,200,000

Equipment 800,000

Accumulated depreciation equipment 100,000

Investment in associate 1,300,000

Prepaid expense 100,000

Notes payable 750,000

Accounts payable 350,000

Income tax payable 50,000

Accrued expense 60,000

Mortgage note payable in quarterly installment of 100,000

Estimated liability for damages 140,000

Retained earnings appropriated for plant expansion 1,000,000

Retained earnings appropriated for contingecies 100,000

Share capital 3,000,000

Share premium 300,000

Retained earnings unappropriated 1,250,000

Trademark 150,000

Secret processes and formulas 200,000

Bank loan payable due june 30 2016 500,000

Required - Prepaid statement of financial position.