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The bookkeeper for Dazzle Corp has prepared the following balance sheet as at December 31, 2019:

Dazzle Corp

Balance Sheet

December 31, 2019

Cash	$ 85,000		Current Liabilities	$ 175,000
Accounts Receivable (net)	64,500		Long-term Liabilities	300,000
Inventories	40,000		Shareholders Equity	109,500
Investments	35,000
Land	100,000
Building (net)	250,000
Patent (net)	10,000
	$584,500			$584,500

The following additional information is provided:

1. The cash balance includes:

   Petty cash fund	$ 200
   T-bill	4,000
   Cash advance to employee, payable on demand	1,000
   Saving Account at TD Bank	2,500
   Money market fund	5,000 10333333,00038,000
   Chequing account at the Bank of Montreal	73,700
   Bank overdraft at the Scotia Bank (no other accounts are held at this bank) BankCIBC)	(1,400)
   Total	$ 85,000

2. 2. The allowance for doubtful accounts $10,200.

3. The net realizable value of the inventory that is included in the Balance Sheet is $35,000.

4. In addition, inventories do not include:

5. $20,000 of merchandise that was in transit at December 31. The inventory was sold to ONG Inc. with terms f.o.b. destination point (the net realizable value of this inventory was $30,000).
6. $10,000 was shipped from Park Inc. to Dazzle for consignment. The net realizable value for this inventory is $15,000

7. 4. The investments section includes the following:

8. An interest bearing note receivable of $5,000 that was issued on August 1^st, 2019 bearing interest at 4% and is due on August 1, 2020
10. Long-term FV-OCI investment $18,000 carrying value (fair value $15,000 at December 31,2019). Management plans on holding on to these investments for a number of years.
12. FV-NI Investment 1,000 common shares of LA Inc. purchased at $12.00 per share (fair value $12.50 per share at December 31, 2019). Dazzle expected to sell the shares as soon as the market price increases more next year.

13. 5. The land balance includes: land used for operations and recorded at its cost of $100,000 (the appraisal value of the land in 2019 was $300,000). The company doesnt use the revaluation model.

    6. The building originally cost $600,000. Depreciation for 2019 has already been recorded.

    Meridian Credit Union has pledged the building as security for their $300,000 loan to Dazzle Corp. (collateral), the loan bears annual interests at 5%. .

    7. The patent originally cost $16,000 and is being amortized over 8 years on a straight-line basis. Amortization for 2019 had already been recorded.

14. Part 1

    The company is a Canadian public company. Restate the asset side of Dazzles Statement of

    Financial Position sheet at December 31, 2019 in good form. The categories are: Current Assets,

    Long-term Investments, Property, Plant & Equipment and Intangible Assets.

    Part 2

    Including any disclosure requirements.

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