Vitous Ltd. began operations on January 1st, 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 1st, 2020 by $35,000. At that time, fixed assets had a remaining useful life of 10 years.

2. On January 1st, 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 to be $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 1st, 2020 and expects the product to be marketable for five years.

Net income under IFRS is $100,000 and stockholders' equity under IFRS at December 31st 2020 is $1,000,000. Ignore income taxes.

A. Prepare a schedule to reconcile Vitous's 2020 net income and December 31st 2020 stockholders equity under IFRS to U.S. GAAP.

B. Provide a brief title/description for each reconciling adjustment made, indicate the U.S. Dollar amount of the adjustment, and calculate total amounts of net income and stockholders equity under Stockholders equity under U.S. GAAP.

Please help. Thanks