Inventory Presentation and Disclosures Under IFRS & ASPE
Included in the December

Inventory presentation and disclosures under IFRS & ASPE
Included in the December 31 trial balance of Watershed Company are the following assets:
$$\begin{array} { l r l r } \text { Cash } & \$ 201,700 & \text { Work in process } & \$ 180,000 \\\text { Equipment (net) } & 1,314,000 & \text { Receivables (net) } & 320,000 \\\text { Prepaid insurance } & 55,600 & \text { Patents } & 114,000 \\\text { Raw materials } & 279,250 & \text { Finished goods } & 212,500\end{array}$$
Watershed Company presents its expenses by nature of costs instead of by function.
Instructions
Prepare the current assets section of the December 31 statement of financial position for Watershed Company.