Bridgeport 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 $72,000 with an estimated useful life of four years and no residual value. Bridgeport has already recorded 2023 depreciation expense of $21,600 related to the assets, using the sum-of-the-years'-digits method. Ending inventory for 2022 was overstated by $16,000; ending inventory for 2023 is correctly stated. The adjusted trial balance at December 31, 2021, includes the following amounts: Cash $30,400; Inventory $89,600; Accounts Payable $38,400; Retained Earnings $57,600. Dividends of $24,000 and $20,000 were declared and paid on December 31, 2023, and December 31, 2022, respectively. 5. Share capital of $24,000 consists of 20,000 common shares outstanding since the company's inception. Bridgeport's statement of financial position and income statement are as follows at December 31, 2022 and 2023, before any corrections related to the information above. The December 31, 2023 statements are in draft form only and the 2023 accounts have not yet been closed. Assets Cash Inventory BRIDGEPORT INC. Statement of Financial Position As at December 31, 2023 Plant assets, net Total assets Liabilities and Shareholders' Equity 2023 2022 $48,000 $27,200 85,600 102,400 21,600 43,200 $155,200 $172,800 Accounts payable Share capital $13,600 $48,800 24,000 24,000 Retained earnings 117,600 100,000 Total liabilities and shareholders' equity $155,200 $172,800 BRIDGEPORT INC. Income Statement Year Ended December 31, 2023 2023 2022 Sales $272,000 $216,000 Cost of goods sold 160,000 113,600 Gross profit 112,000 102,400 Operating expenses 70,400 40,000 Net income $41,600 $62,400 Sales Cost of Goods Sold Gross Profit Operating Expenses Net Income (Loss) Earnings per Share BRIDGEPORT INC. Income Statement For the Years Ended December 31 A A A 2023 272000 144000 128000 63200 64800 3.24 A A 2022 Restated see note XX 216000 129600 86400 40000 46400 2.32 Balance, January 1, 2022 Net income / (Loss) 2023 Less Dividends Balance, December 31, 2022, as Restated Net income/ (Loss) 2023 Less : Dividends Balance, December 31, 2023 BRIDGEPORT INC. Statement of Changes in Equity For the Year Ended December 31, 2023 A Share Capital 24000 24000 24000 MI Mi +A $ Retained Earnings A $ 57600 46400 -20000 84000 64800 -24000 124800 Prepare the comparative statement of financial position as at December 31, 2023. Ignore income tax effects. (List Assets in order of liquidity. Do not leave any answer field blank. Enter O for amounts.) Assets > BRIDGEPORT INC. Statement of Financial Position As at December 31, 2022 As at December 31, 2023 Restated As at January 1, 2022 A +A $ Liabilities and Shareholders' Equity +A $ Liabilities and Shareholders' Equity $ AA $ $ A