On December 31,2019,the accounting records for Mountain Trail Corp.showed the following amounts:
1.Prepare a balance sheet using GAAP as of December 31,2019.
2.Prepare a balance sheet using IFRS as of December 31,2019.

GAAP

A group of standard accounting practices and principles broadly used for reporting financial information.

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB) that serve as a global framework for preparing financial statements.

Balance Sheet

A balance sheet is a financial statement that summarizes a company's financial position at a specific point in time, detailing assets, liabilities, and shareholders' equity.