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. 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 $70,200 with an estimated useful life of four years and no residual value. Bramble has already recorded 2020 depreciation expense of $21,060 related to the assets, using the sum-of-the-years'-digits method. 2. 3. 3. Ending inventory for 2019 was overstated by $15,600; ending inventory for 2020 is correctly stated. The adjusted trial balance at December 31, 2018, 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, 2020, and December 31, 2019, respectively. Share capital of $23,400 consists of 15,600 common shares outstanding since the company's inception. 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 Assets 2020 2019 Cash $46,800 $26,520 Inventory 83,460 99,840 Plant assets, net 21,060 42,120 Total assets $151,320 $168,480 Liabilities and Shareholders' Equity 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, 2020 2020 2019 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 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 ta Dividends Gross Profit Balance, December 31, 2020 Balance, January 1, 2019 Operating Expenses Earnings per Share Sales Net Income / (Loss) Cost of Goods Sold TA $ $