dont give answer in image format 3 questionThe draft statement of financial position shown below has been prepared for Shuswap as at 31December 2022:AssetsNon-current assetsLand and buildingsPlant and equipmentCurrent assetsInventoriesReceivablesCash at bankRetained earningsNon-current liabilities:CostTotal assetsEquity and liabilitiesEquityShare capital (ordinary shares of 50c each)Loan notes (redeemable 2031)$0009,00021,00030,000Accumulateddepreciation$0001,0009,00010,000Carryingamount$0008,00012,00020,0003,0002,6001,90027,5006,00012,4007,0002,10027,500Current liabilitiesTrade payablesTotal Equity and liabilitiesThe following further information is available:(1) On 30 November 2022 the company issued for cash 2,000,000 50c shares at $1-10 per share.Cash were received on 15 December.(2) It has been decided to revalue the land and buildings to $12,000,000 at 31 December 2022.(3) Trade receivables totalling $200,000 are to be written off.(4) Some inventory items included in the draft statement of financial position at cost $500,000were sold after the reporting period for $400,000, with selling expenses of $40,000.(5) During the year there was a contra settlement of $106,000 in which an amount due to asupplier was set off against the amount due from the same company for goods sold to it.No entries have yet been made to record those transactions.Required: Prepare Shuswap's statement of financial position as at 31 December 2022,complying as far as possible with IAS 1 "Presentation of Financial Statements".

Financial statements are the set of records of the financial transactions and position of a business…

Answered: Required: Prepare Shuswap's statement…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter9: Long-term Liabilities

Section: Chapter Questions

Problem 103.4C

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Required: Prepare Shuswap's statement of financial position as at 31 December 2022, complying as far as possible with IAS 1 "Presentation of Financial Statements".