Swifty 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 $100,800 with an estimated useful life of four years and no residual value. Swifty has already recorded 2020 depreciation expense of $30,240 related to the assets, using the sum-of-the-years-digits method. 2. Ending inventory for 2019 was overstated by $22,400; ending inventory for 2020 is correctly stated. The adjusted trial balance at December 31, 2018, includes the following amounts: Cash $42,560; Inventory $125,440; Accounts Payable $53,760; Retained Earnings $80,640. Dividends of $33,600 and $28,000 were declared and paid on December 31, 2020, and December 31, 2019, respectively. 5. Share capital of $33,600 consists of 22,400 common shares outstanding since the company's inception 3. 4. Swifty'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. SWIFTY INC. Statement of Financial Position As at December 31, 2020 Assets Cash Inventory Plant assets, net Total assets Liabilities and Shareholders' Equity Accounts payable Share capital Retained earnings Total liabilities and shareholders' equity 2020 $67,200 119,840 30,240 $217,280 2019 $38,080 143,360 60,480 $241,920 $19,040 33,600 164,640 $217,280 $68,320 33,600 140,000 $241,920 SWIFTY INC. Income Statement Year Ended December 31, 2020 2020 Sales $380,800 Cost of goods sold 224,000 Gross profit 156,800 Operating expenses 98,560 Net income $58,240 2019 $302,400 159,040 143,360 56,000 $87,360 Prepare the comparative income statement for 2020. (Round earnings per share to 2 decimal places, e.g. 52.75.) SWIFTY INC. Income Statement For the Years Ended December 31 2019 Restated see note XX 2020 Sales $ 380,800 302,400 Cost of Goods Sold