Bramble Inc. follows IFRS and is adjusting and correcting its books at the end of 2023. In reviewing its records, the following information has been compiled: 1. 2. 3. 4. In 2023, the depreciation method on plant assets should be changed from the sum-of-the-years-digits to the straight-line method due to a change in pattern of usage. The assets were purchased at the beginning of 2022 for $70,200 with an estimated useful life of four years and no residual value. Bramble has already recorded 2023 depreciation expense of $21,060 related to the assets, using the sum-of-the-years-digits method. Ending inventory for 2022 was overstated by $15,600; ending inventory for 2023 is correctly stated. The adjusted trial balance at December 31, 2021, includes the following amounts: Cash $29.640; Inventory $87,360; Accounts Payable $37,440; Retained Earnings $56,160. Dividends of $23,400 and $19,500 were declared and paid on December 31, 2023, and December 31, 2022, respectively. 5. Share capital of $23,400 consists of 13,000 common shares outstanding since the company's inception. Assets Cash BRAMBLE INC. Statement of Financial Position As at December 31, 2023 Inventory Plant assets, net Total assets Liabilities and Shareholders' Equity 2023 2022 $46,800 $26,520 83,460 99,840 21,060 42,120 $151,320 $168,480 Accounts payable $13,260 $47,580 Share capital 23,400 23,400 Retained earnings 114,660 97,500 Total liabilities and shareholders' equity $151,320 $168,480 BRAMBLE INC. Income Statement Year Ended December 31, 2023 2023 2022 Sales $265,200 $210,600 Cost of goods sold 156,000 110.760 Gross profit 109,200 99,840 Operating expenses 68,640 39.000 Net income $40.560 $60.840 Prepare the comparative income statement for 2023. Ignore income tax effects. (Round earnings per share to 2 decimal ple 52.75.) Sales Cost of Goods Sold Gross Profit Operating Expenses Net Income/(Loss) Earnings per Share < < < BRAMBLE INC. Income Statement For the Years Ended December 31 $ 2023 265200 140400 2022 Restated see note XX 210600- 126360 124800 84240 39000