Please do not give solution in image format thanku Retained earningsAdditional information:$1,402,900138,000(a)$1,402,9001. The inventory has a net realizable value of $212,000. The FIFO method of inventory valuation is used.2. The FV-OCI investments' fair value is $378,000.3. The amount of the Construction in Process account represents the costs to date on a building in the process of construction.(The company is renting factory space while waiting for the new building to be completed.) The land that the building is beingconstructed on cost $85,000, as shown in the trial balance.4.The company purchased the patents at a cost of $40,000, and the patents are being amortized on a straight-line basis.5.The bonds payable have a face value of $200,000, bear interest at 7% payable every December 31, and are due January 1, 2035.6.Of the remaining $20,000 unamortized discount on bonds payable (face value $200,000 less carrying amount $180,000).$2,000 will be amortized in 2024.The notes payable represent bank loans that are secured by FV-OCI investments carried at $120,000. These loans are due in2024.8. For common shares, an unlimited number are authorized and 500,000 are issued and outstanding.Prepare a statement of financial position as at December 31, 2023, ensuring that all important information is fully disclosed. (ListCurrent Assets in order of liquidity. List Property, Plant, and Equipment in order of Land, Buildings, and Equipment.)EASTWOOD INC.Statement of Financial PositionFor the Year Ended December 31, 2023Assets The trial balance of Eastwood Inc. and other related information for the year 2023 follows:CashAccounts receivableAllowance for expected credit lossesPrepaid insuranceInventoryFV-OCI investmentsLandEastwood Inc.Trial BalanceDecember 31, 2023Construction in processIntangible assets-patentsEquipmentAccumulated depreciation-equipmentAccounts payableIncome tax payableNotes payableBonds payableCommon sharesAccumulated other comprehensive incomeRetained earningsDebits$41,000163,5005,900208,500339,00085,000124,00036,000400,000Credits$8,700240,000148,00049,20094,000180,000500,00045,000138,000

Business entities prepare the statement of financial position so as to know about the financial…

The trial balance of Eastwood Inc. and other related information for the year 2023 follows: Cash Accounts receivable Allowance for expected credit losses Prepaid insurance Inventory FV-OCI investments Land Eastwood Inc. Trial Balance December 31, 2023 Construction in process Intangible assets-patents Equipment Accumulated depreciation-equipment Accounts payable Income tax payable Notes payable Bonds payable Common shares Accumulated other comprehensive income Retained earnings Debits $41,000 163,500 5,900 208,500 339,000 85,000 124,000 36,000 400,000 Credits $8,700 240,000 148,000 49,200 94,000 180,000 500,000 45,000 138,000

The trial balance of Eastwood Inc. and other related information for the year 2023 follows: Cash Accounts receivable Allowance for expected credit losses Prepaid insurance Inventory FV-OCI investments Land Eastwood Inc. Trial Balance December 31, 2023 Construction in process Intangible assets-patents Equipment Accumulated depreciation-equipment Accounts payable Income tax payable Notes payable Bonds payable Common shares Accumulated other comprehensive income Retained earnings Debits $41,000 163,500 5,900 208,500 339,000 85,000 124,000 36,000 400,000 Credits $8,700 240,000 148,000 49,200 94,000 180,000 500,000 45,000 138,000

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter8: Current And Contingent Liabilities

Section: Chapter Questions

Problem 2MCQ

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