(Answered) San pedro industriespresented below are selected accounts

Accounting

San Pedro Industries

Presented below are selected accounts from the adjusted trial balance ($ Millions) for San Pedro Industries for June 30 of the current year.

	Debit	Credit
Accounts Receivable-trade	$895
Building and Equipment	1425
Cash in bank-Operating	76
Interest Receivable	60
Installment receivables	120
Merchandise Inventory	100
Land	600
Notes receivable-Long term	475
Petty cash	12
Prepaid expenses current	46
Supplies	28
Patent	85
Accounts Payable-Trade		710
Accumulated Depreciation		375
Additional Paid in Capital		725
Allowance for Uncollectible Accounts		95
Cash Dividends Payable		50
Common Stock-$1 par value		90
Income tax payable		105
Notes payable-2 years		1000
Retained Earnings		85
Unearned Revenues-2 years		125
Cash Dividends Declared	200
Income Summary		762
TOTALS	$4122	$4122

Required:

a) Prepare a classified balance sheet using the account format for San Pedro Industries.

b) Prepare a classified balance sheet using the report format for San Pedro Industries.

c) Prepare a classified balance sheet in IFRS-acceptable format for San Pedro Industries.

Prepare journal entries to record current tax and deferred tax for the year ended 30 June 2015

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