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.