In: Accounting
The following information relates to Baxter Corporation, who follows ASPE:
Baxter Corporation
Statement of Financial Position
As at
December 31
2019 2018
Cash.......................................................................................................... $ 92,000 $ 27,000
Accounts receivable...................................................................................... 90,500 76,900
Inventory.................................................................................................... 152,500 181,800
Land……………………………………………………………………………………………………….......... 50,000 40,000
Buildings..................................................................................................... 350,000 299,000
Accumulated depreciation, buildings................................................... ..... (35,000) (13,000)
....................... $700,000 $611,700
Accounts payable...................................................................................... $ 90,000 $ 84,000
Unearned revenue........................................................................................ 54,000 63,000
Long-term loans payable............................................................................... 90,000 52,000
Common shares.......................................................................................... 120,000 100,000
Retained earnings................................................................................. ...... 346,000 312,700
....................... $700,000 $611,700
Notes: During 2019:
Required: