Concord 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. 3. 4. 5. 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 $111,600 with an estimated useful life of four years and no residual value. Concord has already recorded 2020 depreciation expense of $33,480 related to the assets, using the sum-of-the-years'-digits method. Ending inventory for 2019 was overstated by $24,800; ending inventory for 2020 is correctly stated. The adjusted trial balance at December 31, 2018, includes the following amounts: Cash $47,120; Inventory $138,880; Accounts Payable $59,520; Retained Earnings $89,280. Dividends of $37,200 and $31,000 were declared and paid on December 31, 2020, and December 31, 2019, respectively. Share capital of $37,200 consists of 24,800 common shares outstanding since the company's inception. Concord'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.