Culver 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 $75,600 with an estimated useful life of four years and no residual value. Culver has already recorded 2023 depreciation expense of $22,680 related to the assets, using the sum-of-the-years'-digits method. Ending inventory for 2022 was overstated by $16,800; ending inventory for 2023 is correctly stated. The adjusted trial balance at December 31, 2021, includes the following amounts: Cash $31,920; Inventory $94,080; Accounts Payable $40,320; Retained Earnings $60,480. Dividends of $25,200 and $21,000 were declared and paid on December 31, 2023, and December 31, 2022, respectively. 5. Share capital of $25,200 consists of 14,000 common shares outstanding since the company's inception. Culver'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 CULVER INC. Statement of Financial Position As at December 31, 2023 Inventory Plant assets, net Total assets Liabilities and Shareholders' Equity 2023 2022 $50,400 $28,560 89,880 107,520 22,680 45,360 $162,960 $181,440 Accounts payable $14,280 $51,240 Share capital 25,200 25,200 Retained earnings 123,480 105,000 Total liabilities and shareholders' equity $162,960 $181,440 CULVER INC. Income Statement Year Ended December 31, 2023 2023 2022 Sales $285,600 $226,800 Cost of goods sold 168,000 119,280 Gross profit 117,600 107,520 Operating expenses 73,920 42,000 Net income $43,680 $65,520 Prepare the comparative statement of changes in equity for 2023. Ignore income tax effects. CULVER INC. Statement of Changes in Equity 1,2023 eTextbook and Media $ Share Capital Retained Earnings Total $ $ $ $