In May 20X5, the newly appointed controller of Butch Baking Corporation conducted a thorough review of past accounting, particularly of transactions that exceeded the companys normal level of materiality. As a result of his review, he instructed the companys chief accountant to correct two errors: a. In 20X2, the company made extensive improvements to the baking process and installed a substantial amount of new equipment. The entire cost of the process improvements and equipment was accidentally charged to income as restructuring expense in 20X2. However, the equipment should have been capitalized and added to the factory equipment account. The cost of the equipment was $700,000. Butch depreciates its factory equipment on the straight-line basis over 10 years. A full years depreciation is charged in the year that equipment is acquired. b. A year-end cut-off error occurred in 20X3. A large shipment of nonperishable supplies arrived from China on the last day of 20X3 and had been left in the shipping containers outside the main plant. As a result, the supplies were recorded as received in 20X4 and had not been included in the year-end 20X3 inventory count. The account payable also had not been recorded in 20X3. The supplies cost $130,000. Like most companies, Butch Baking presents a five-year financial summary in its annual report. The 20X4 summary contained the following information (in thousands of dollars, except EPS):

		20X0			20X1			20X2			20X3			20X4
Gross revenue	$	15,800		$	17,100		$	18,400		$	17,800		$	16,300
Net income		2,090			2,250			890			2,390			1,900
Total assets		149,000			166,000			154,950			152,000			138,000
Total liabilities		53,200			69,700			73,280			71,000			65,000
Net assets		95,700			95,700			85,500			85,500			86,500
Earnings per share*	$	20.90		$	22.50		$	8.90		$	23.90		$	19.00

*100,000 shares outstanding

1. Revise the financial summary.

year-end cut-off error occurred in 20X3. A large shipment of nonperishable supplies arrived from China on result, the supplies were recorded as received in 20x4 and had not been included in the year-end 20X3 in $130,000 t most companies, Butch Baking presents a five-year financial summary in its annual report. The 20x4 sum $ 15,800 17,100 18,400 $17,800 $ 16,300 890 23901,900 149,000 166,000 154,950 152,000 138,000 53,200 69,70073,28071,00065,000 95,70095,70085,500 85,500 86,500 arnings per share S 20.90 22.50 8.90 23.90 19.00 oss revenue t income tal assets tal liabilities et assets 2,090 2250 0,000 shares outstanding quired: Not available in Connect. Revise the financial summary. (Enter answer in thousands, not in whole Canadian dollars. Round EPS an 20X0 20X1 20x2 20x3 20x4 Gross revenue Net income Adjusted net income Total assets Adjusted total assets Total liabilities Adjusted total liabilities Net assets Earnings per share S 15,80017,100S18,400 17,800 S16,300 1,900 2,090 2,250 890 2,390 149,000 166,000 154.950 152.000 138,000 53,200 69,700 73.280 71,000 65,000 ype here to search up