Included in Cellin Limited’s December 31, 2020 trial balance are the following accounts: $251,000; Obligations under Lease $175,000; Unearned Revenue $141,000; Bonds Payable $480,000 (due October 31, 2032); Salaries and Wages Payable $127,000; Interest Payable $42,000; Income Tax Payable $9,000; and Notes Payable $97,000 (due on March 31, 2021). On January 31, 2021, Cellin finalized refinancing of the notes payable with a new note payable due on March 31, 2022. The were issued on February 28, 2021.
a. Prepare the current liabilities section of the statement of financial position if Cellin prepares in accordance with IFRS, and identify which items are monetary.
b. Explain how your answer to part (a) would be different if Cellin prepares in accordance with ASPE.
