Vitous Ltd. began operations on January 1, 2018, and uses IFRS to prepare its consolidated financial statements. Although not required to do so, to facilitate comparisons with companies in the United States, Vitous keeps its books in U.S. dollars ($), and reconciles its net income and stockholders' equity to U.S. GAAP. Information relevant for preparing this reconciliation is as follows: 1. Vitous carries fixed assets at revalued amounts. Fixed assets were revalued upward on January 1, 2020, by $35,000. At that time, fixed assets had a remaining useful life of 10 years. 2. On January 1, 2019, Vitous issued $50,000 of convertible bonds. The company measured the liability component of the bonds to be $45,000, and the equity component of the bonds as $5,000. 3. Vitous capitalized development costs related to a new pharmaceutical product in 2019 in the amount of $80,000. Vitous began selling the new product on January 1, 2020, and expects the product to be marketable for a total of five years. Net income under IFRS in 2020 is $100,000, and stockholders' equity under IFRS at December 31, 2020. is $1,000,000. Ignore income taxes