Bramble Inc. follows IFRS and is adjusting and correcting its books at the end of 2020. In reviewing its records, the following information has been compiled: 1. 2. In 2020, the depreciation method on plant assets should be changed from 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 2019 for $108,000 with an estimated useful life of four years and no residual value. Bramble has already recorded 2020 depreciation expense of $32,400 related to the assets, using the sum-of-the-years-digits method. Ending inventory for 2019 was overstated by $24,000; ending inventory for 2020 is correctly stated. The adjusted trial balance at December 31, 2018, includes the following amounts: Cash $45,600; Inventory $134,400; Accounts Payable $57,600; Retained Earnings $86,400. Dividends of $36,000 and $30,000 were declared and paid on December 31, 2020, and December 31, 2019, respectively. Share capital of $36,000 consists of 24,000 common shares outstanding since the company's inception 3. 4. 5. Bramble's statement of financial position and income statement are as follows at December 31, 2019 and 2020, before any corrections related to the information above. The December 31, 2020 statements are in draft form only and the 2020 accounts have not yet been closed BRAMBLE INC. Statement of Financial Position As at December 31, 2020 Bramble's statement of financial position and income statement are as follows at December 31, 2019 and 2020, before any corrections related to the information above. The December 31, 2020 statements are in draft form only and the 2020 accounts have not yet been closed. BRAMBLE INC. Statement of Financial Position As at December 31, 2020 Assets 2020 2019 Cash $72,000 $40,800 Inventory 128,400 153,600 Plant assets.net 32,400 64,800 Total assets $232,800 $259,200 Liabilities and Shareholders' Equity Accounts payable Share capital $20,400 $73,200 36,000 36,000 Retained earnings 176,400 150,000 Total liabilities and shareholders' equity $232,800 $259,200 BRAMBLE INC. Income Statement Year Ended December 31, 2020 2020 2019 Sales $408,000 $324,000 Cost of goods sold 240.000 170,400 Gross profit 168,000 153,600 Operating expenses 105,600 60,000 Net income $62.400 $93,600 Prepare the comparative income statement for 2020. (Round earnings per share to 2 decimal places, e.g. 52.75.) BRAMBLE INC. Income Statement For the Years Ended December 31 2019 Restated see note XX 2020 Prepare the comparative income statement for 2020. (Round earnings per share to 2 decimal places, e.g. 52.75.) BRAMBLE INC. Income Statement For the Years Ended December 31 2019 Restated see note XX 2020 Cost of Goods Sold $ $ $ Prepare the comparative income statement for 2020. (Round earnings per share to 2 decimal places, e.g. 52.75.) BRAMBLE INC. Income Statement For the Years Ended December 31 2019 Restated see note XX 2020 Operating Expenses Balance, December 31, 2020 Net Income /(Loss) Balance, January 1, 2019 Sales Earnings per Share Cost of Goods Sold Dividends Gross Profit e Textbook and Media "O COMO O ********WO BRAMBLE INC. Statement of Changes in Equity For the Year Ended December 31, 2020 Share Capital Retained Earnings TO $ $ Cost of Goods Sold Dividends Operating Expenses Balance, January 1, 2019 Net income /(Loss) 2020 Gross Profit Sales Balance, December 31, 2019, as Restated Earnings per Share Net Income /(Loss) 2019 (Restated) Balance, December 31, 2020 Less : $ e Textbook and Media VOM TW wa BRAMBLE INC. Statement of Changes in Equity For the Year Ended December 31, 2020 Share Capital Retained Earnings $ $ Add : Less $ $ e Textbook and Media Ovo V Equity mber 31, 2020 Share Capital Retained Earnings Total $ $ $ I : $ $ $ eTextbook and Media Prepare the comparative statement of financial position as at December 31, 2020. (List Assets in order of liquidity. Do not leave any answer field blank. Enter o for amounts.) BRAMBLE INC. Statement of Financial Position As at December 31, 2019 Restated see note XX As at December 31, 2020 As at January 1, 2019 Assets Share Capital Accounts Payable Accounts Receivable Plant Assets, Net Cash Retained Earnings Inventory $ $ Liabilities and Shareholders' Equity eave any answer field blank. Enter O for amounts.) BRAMBLE INC. Statement of Financial Position As at December 31, 2019 Restated see note XX As at December 31, 2020 As at January 1, 2019 Assets $ $ Liabilities and Shareholders' Equity As at December 31, 2019 Restated see note XX As at December 31, 2020 As at January 1, 2019 Assets $ $ Liabilities and Shareholders' Equity $
