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Riverbed 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 sumof~th eyears'~digits to the st raight~line method clue to a change in pattern of usage. The assets were purchased at the beginning of 2019 for $95,400 with an estimated useful life of four years and no residual value. Riverbed has already recorded 2020 depreciation expense of $2 8.620 related to the assets. using the sum-of-the-years'oigits method. 2 Ending inventory for 2019 was overstated by $2 1.200; ending inventory for 2020 is correctly stated. The adjusted trial balance at December 31, 2018. includes the fol lowing amounts: Cash $40,280; inventory $1 18.720; Accounts Payable $50,880; Retained Earnings $76,320. 4. Dividends of $31,800 and $26,500 were declared and paid on December 31, 2020, and December 31, 2019, respectively. 5. Share capital of $31,800 consists of 21,200 common shares outstanding since the company's inception. Riverbed's statement of nancial position and income statement are as follows at December 3 1, 20 19 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. RIVERBED INC. Statement of Financial Position As at December 31. 2020 Assets 2020 2019 Cash $63,600 $36,040 Inventory 113,420 135,680 Plant assets, net 28.620 57,240 Total assets $205,640 $228,960 Liabilities and Shareholders' Equity Accounts payable $ 18,020 $64,660 Share capital 31.800 31.800 Retained earnings 155.820 132,500 Total liabilities and shareholders'equity $205,640 $228,960 RIVERBED INC. Income Statement 2020 Year Ended December 31. 2020 Sales $360.400 Cost of goods sold 212.000 Gross prot 143,400 Operating expenses 93,280 Net income $55,120 2019 $286,200 150,520 135.680 53,000 $32,630 RIVERBED INC. Income Statement For the Years Ended December 31 ' Sales 3 l Cost of Goods Sold 3 Gross Prot 3 Operating Expenses 3 1' Net Income / {Loss} Balance, December 31. 2020 3 $@