Randwick Ltd has recorded development costs as an expense. Now the company is considering recognising these costs as an asset. If this was done, a development account would appear in the current assets. Its balance would be $148 650 at the end of last year and $123 860 at the end of this year. The company's income tax rate is 30 percent.

Calculate the effect that would result on each of the following if the company changed its accounting to recognise the development costs as an asset:

1. Retained profits at the end of last year 

2. Income tax liability at the end of last year 

3. Supplies expense for this year 

4. Net profit for this year 

5. Current assets at the end of this year 

6. Income tax liability at the end of this year 

7. Retained profits at the end of this year 

8. Cash flow for this year 

9. Cash flow for next year.