Culver 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 $75,600 with an estimated useful life of four years and no residual value. Culver has already recorded 2020 depreciation expense of $22,680 related to the assets, using the sum-of-the-years'-digits method. 2. Ending inventory for 2019 was overstated by $16,800; ending inventory for 2020 is correctly stated. 3. The adjusted balance at Decemb 31, 2018, includes the following amounts: Cash $31,920; Inventory $94,080; Accounts Payable $40,320; Retained Earnings $60,480. 4. Dividends of $25,200 and $21,000 were declared and paid on December 31, 2020, and December 31, 2019, respectively. 5. Share capital of $25,200 consists of 16,800 common shares outstanding since the company's inception. Culver'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. CULVER INC. Statement of Financial Position As at December 31, 2020 Assets 2020 2019 Cash $50,400 $28,560 Inventory 89,880 107,520 Plant assets, net 22,680 45,360 Total assets $162,960 $181,440 Liabilities and Shareholders' Equity 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, 2020 2020 2019 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 income statement for 2020. (Round earnings per share to 2 decimal places, e.g. 52.75.) CULVER INC. Income Statement For the Years Ended December 31 2019 Restated see note XX 2020 Sales $ 285600 226800 Cost of Goods Sold 151200 i 136080 i Gross Profit 134400 90720 Operating Expenses 42000 i Net Income / (Loss) $ $ 48720 Earnings per Share $ $ 2.90