The following information is based on the balance sheet of Aracel
The following information is based on the balance sheet of Aracel, a Brazilian manufacturer of paper pulp, for Year 6. Aracel applies U.S. GAAP and reports its results in thousands of U.S. dollars. (Adapted from the financial statements of Aracruz Celulose.).cengagenow.com/ilrn/books/wefa14h/images/ch04/ch04_ex12.gif”>a.Prepare a balance sheet for Aracel for Year 6 assuming the firm follows U.S. GAAP.AracelBalance SheetFor Fiscal Year 6 (amounts in thousands of US$)AssetsCurrent Assets:$Total Current Assets$Noncurrent Assets:$Total Noncurrent Assets$Total Assets$Liabilities and Shareholders’ Equity$Noncurrent Liabilities:$Total Noncurrent LiabilitiesShareholders’ Equity:$Total Shareholders’ Equity$Total Liabilities and Shareholders’ Equity$.cengagenow.com/media/img/onepixel.gif” alt=””>Hideb.Prepare a balance sheet for Aracel for Year 6 assuming the firm follows IFRS.AracelBalance SheetFor Fiscal Year 6 (amounts in thousands of US$)AssetsNoncurrent Assets:$Total Noncurrent Assets$Current Assets:$Total Current Assets$Total Assets$Liabilities and Shareholders’ EquityShareholders’ Equity:$Total Shareholders’ Equity$Noncurrent Liabilities:$Total Noncurrent Liabilities$$Total Liabilities and Shareholders’ Equity$
