The following is information for Ayayai Corp. for the year ended December 31, 2020:

Sales revenue		$1,100,000		Loss on inventory due to decline in net realizable value		$70,000
Unrealized gain on FV-OCI equity investments		38,000		Loss on disposal of equipment		25,000
Interest income		5,000		Depreciation expense related to buildings omitted by mistake in 2019		50,000
Cost of goods sold		660,000		Retained earnings at December 31, 2019		900,000
Selling expenses		55,000		Loss from expropriation of land		55,000
Administrative expenses		44,000		Dividends declared		40,000
Dividend revenue		15,000

The effective tax rate is 20% on all items. Ayayai prepares financial statements in accordance with IFRS. The FV-OCI equity investments trade on the stock exchange. Gains/losses on FV-OCI investments are not recycled through net income.

Prepare the retained earnings section of the statement of changes in equity for 2020. (List items that increase retained earnings first following the adjustment of prior years.)

Ayayai Corp. Excerpt from Statement of Changes in Equity choose the accounting period For the Month Ended December 31, 2020For the Year Ended December 31, 2020December 31, 2020
select an opening name Retained Earnings Balance, January 1, as reportedDividends DeclaredRetained Earnings Balance, January 1, as restatedNet Income / (Loss)Gross Profit / (Loss)Correction for Overstatement of Net Income in Prior Period (Net of Tax)Retained Earnings Balance, December 31Income Tax Payable / (Receivable)Depreciation expense related to buildings		$enter a dollar amount
select an item Depreciation expense related to buildingsRetained Earnings Balance, January 1, as restatedDividends DeclaredCorrection for Overstatement of Net Income in Prior Period (Net of Tax)Retained Earnings Balance, December 31Gross Profit / (Loss)Net Income / (Loss)Retained Earnings Balance, January 1, as reportedIncome Tax Payable / (Receivable)		enter a dollar amount
select a summarizing line for the first part Depreciation expense related to buildingsRetained Earnings Balance, January 1, as reportedGross Profit / (Loss)Dividends DeclaredCorrection for Overstatement of Net Income in Prior Period (Net of Tax)Retained Earnings Balance, December 31Income Tax Payable / (Receivable)Retained Earnings Balance, January 1, as restatedNet Income / (Loss)		enter a total of the two previous amounts
select between addition and deduction AddLess:select an item Depreciation expense related to buildingsRetained Earnings Balance, January 1, as reportedNet Income / (Loss)Income Tax Payable / (Receivable)Dividends DeclaredGross Profit / (Loss)Correction for Overstatement of Net Income in Prior Period (Net of Tax)Retained Earnings Balance, December 31Retained Earnings Balance, January 1, as restated		enter a dollar amount
		enter a subtotal of the two previous amounts
select between addition and deduction AddLess:select an item Retained Earnings Balance, December 31Dividends DeclaredIncome Tax Payable / (Receivable)Gross Profit / (Loss)Retained Earnings Balance, January 1, as reportedNet Income / (Loss)Correction for Overstatement of Net Income in Prior Period (Net of Tax)Depreciation expense related to buildingsRetained Earnings Balance, January 1, as restated		enter a dollar amount
select a closing name Retained Earnings Balance, January 1, as restatedDividends DeclaredGross Profit / (Loss)Net Income / (Loss)Correction for Overstatement of Net Income in Prior Period (Net of Tax)Retained Earnings Balance, December 31Retained Earnings Balance, January 1, as reportedDepreciation expense related to buildingsIncome Tax Payable / (Receivable)		$enter a total amount

Prepare the journal entry to record the depreciation expense omitted by mistake in 2019. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Account Titles and Explanation	Debit	Credit
enter an account title Accumulated DepreciationDepreciation ExpenseSelling ExpensesIncome Tax ExpenseLoss on Prior Period ErrorRetained EarningsBuildingsAdministrative ExpensesIncome Tax Payable / Receivable	enter a debit amount	enter a credit amount
enter an account title BuildingsAdministrative ExpensesIncome Tax Payable / ReceivableIncome Tax ExpenseRetained EarningsAccumulated DepreciationLoss on Prior Period ErrorDepreciation ExpenseSelling Expenses	enter a debit amount	enter a credit amount
enter an account title Income Tax ExpenseSelling ExpensesIncome Tax Payable / ReceivableLoss on Prior Period ErrorDepreciation ExpenseAccumulated Depreciation - BuildingsBuildingsRetained EarningsAdministrative Expenses	enter a debit amount	enter a credit amount