Flint 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 $77,400 with an estimated useful life of four years and no residual value. Flint has already recorded 2020 depreciation expense of $23,220 related to the assets, using the sum-of-the-years'-digits method.2.Ending inventory for 2019 was overstated by $17,200; ending inventory for 2020 is correctly stated.3.The adjusted trial balance at December 31, 2018, includes the following amounts: Cash $32,680; Inventory $96,320; Accounts Payable $41,280; Retained Earnings $61,920.4.Dividends of $25,800 and $21,500 were declared and paid on December 31, 2020, and December 31, 2019, respectively.5.Share capital of $25,800 consists of 17,200 common shares outstanding since the company's inception.

Flint'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.

FLINT INC.

Statement of Financial Position

As at December 31, 2020Assets20202019Cash

$51,600$29,240Inventory

92,020110,080Plant assets, net

23,22046,440Total assets

$166,840$185,760Liabilities and Shareholders' EquityAccounts payable

$14,620$52,460Share capital

25,80025,800Retained earnings

126,420107,500Total liabilities and shareholders' equity

$166,840$185,760

FLINT INC.

Income Statement

Year Ended December 31, 202020202019Sales

$292,400$232,200Cost of goods sold

172,000122,120Gross profit

120,400110,080Operating expenses

75,68043,000Net income

$44,720$67,080

Prepare the comparative income statement for 2020.(Round earnings per share to 2 decimal places, e.g. 52.75.)

FLINT INC.

Income Statement

For the Years Ended December 3120202019

Restated

see note XX

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Cost of Goods Sold

Operating Expenses

Net Income / (Loss)

Balance, January 1, 2019

Gross Profit

Dividends

Balance, December 31, 2020

Earnings per Share

Sales

$

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Sales

Balance, January 1, 2019

Balance, December 31, 2020

Dividends

Earnings per Share

Cost of Goods Sold

Operating Expenses

Gross Profit

Net Income / (Loss)

enter a dollar amount

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select a summarizing line for the first part

Gross Profit

Earnings per Share

Cost of Goods Sold

Dividends

Operating Expenses

Balance, December 31, 2020

Balance, January 1, 2019

Sales

Net Income / (Loss)

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Cost of Goods Sold

Earnings per Share

Sales

Gross Profit

Dividends

Operating Expenses

Net Income / (Loss)

Balance, January 1, 2019

Balance, December 31, 2020

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Sales

Balance, January 1, 2019

Gross Profit

Cost of Goods Sold

Operating Expenses

Net Income / (Loss)

Earnings per Share

Balance, December 31, 2020

Dividends

$

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Balance, January 1, 2019

Gross Profit

Dividends

Cost of Goods Sold

Balance, December 31, 2020

Earnings per Share

Sales

Operating Expenses

Net Income / (Loss)

$

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$

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LINK TO TEXT

LINK TO TEXT

Prepare the comparative statement of changes in equity for 2020.(Do not leave any answer field blank. Enter 0 for amounts. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

FLINT INC.

Statement of Changes in Equity

For the Year Ended December 31, 2020Share CapitalRetained EarningsTotalselect an opening name

Gross Profit

Net Income / (Loss) 2019 (Restated)

Sales

Balance, December 31, 2020

Balance, January 1, 2019

Cost of Goods Sold

Earnings per Share

Operating Expenses

Balance, December 31, 2019, as Restated

Net income / (Loss) 2020

Dividends

$

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$

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Balance, December 31, 2019, as Restated

Dividends

Sales

Balance, January 1, 2019

Net income / (Loss) 2020

Net Income / (Loss) 2019 (Restated)

Cost of Goods Sold

Balance, December 31, 2020

Earnings per Share

Gross Profit

Operating Expenses

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Less

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Gross Profit

Operating Expenses

Net income / (Loss) 2020

Net Income / (Loss) 2019 (Restated)

Balance, January 1, 2019

Sales

Dividends

Balance, December 31, 2020

Balance, December 31, 2019, as Restated

Cost of Goods Sold

Earnings per Share

enter a dollar amount

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Net income / (Loss) 2020

Sales

Cost of Goods Sold

Gross Profit

Operating Expenses

Balance, December 31, 2020

Net Income / (Loss) 2019 (Restated)

Earnings per Share

Balance, January 1, 2019

Balance, December 31, 2019, as Restated

Dividends

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Cost of Goods Sold

Operating Expenses

Balance, January 1, 2019

Net Income / (Loss) 2019 (Restated)

Sales

Balance, December 31, 2020

Gross Profit

Dividends

Earnings per Share

Balance, December 31, 2019, as Restated

Net income / (Loss) 2020

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Add

Less

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Gross Profit

Balance, December 31, 2020

Cost of Goods Sold

Dividends

Balance, January 1, 2019

Earnings per Share

Net Income / (Loss) 2019 (Restated)

Balance, December 31, 2019, as Restated

Operating Expenses

Net income / (Loss) 2020

Sales

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select a closing name

Sales

Cost of Goods Sold

Dividends

Gross Profit

Operating Expenses

Balance, January 1, 2019

Net Income / (Loss) 2019 (Restated)

Balance, December 31, 2020

Balance, December 31, 2019, as Restated

Earnings per Share

Net income / (Loss) 2020

$

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$

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$

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LINK TO TEXT

LINK TO TEXT

Prepare the comparative statement of financial position as at December 31, 2020.(List Assets in order of liquidity. Do not leave any answer field blank. Enter 0 for amounts.)

FLINT INC.

Statement of Financial PositionAs at December 31, 2020As at December 31, 2019

Restated

see note XX

As at January 1, 2019Assetsselect a balance sheet item

Accounts Receivable

Inventory

Accounts Payable

Plant Assets, Net

Cash

Retained Earnings

Share Capital

$

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$

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$

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Share Capital

Plant Assets, Net

Retained Earnings

Accounts Payable

Accounts Receivable

Cash

Inventory

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select a balance sheet item

Share Capital

Inventory

Plant Assets, Net

Retained Earnings

Accounts Payable

Accounts Receivable

Cash

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$

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$

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$

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Liabilities and Shareholders' Equityselect a balance sheet item

Retained Earnings

Accounts Receivable

Share Capital

Accounts Payable

Cash

Inventory

Plant Assets, Net

$

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$

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$

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select a balance sheet item

Share Capital

Retained Earnings

Plant Assets, Net

Accounts Receivable

Cash

Accounts Payable

Inventory

enter a dollar amount

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select a balance sheet item

Cash

Retained Earnings

Inventory

Share Capital

Accounts Payable

Accounts Receivable

Plant Assets, Net

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$

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$

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$

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