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Ayayai 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 $66,600 with an estimated useful life of four years and no residual value. Ayayai has already recorded 2020 depreciation expense of $19,980 related to the assets, using the sum-of-the-years-digits method.
2.		Ending inventory for 2019 was overstated by $14,800; ending inventory for 2020 is correctly stated.
3.		The adjusted trial balance at December 31, 2018, includes the following amounts: Cash $28,120; Inventory $82,880; Accounts Payable $35,520; Retained Earnings $53,280.
4.		Dividends of $22,200 and $18,500 were declared and paid on December 31, 2020, and December 31, 2019, respectively.
5.		Share capital of $22,200 consists of 14,800 common shares outstanding since the companys inception.

Ayayais 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.

AYAYAI INC. Statement of Financial Position As at December 31, 2020
Assets		2020		2019
Cash		$44,400		$25,160
Inventory		79,180		94,720
Plant assets, net		19,980		39,960
Total assets		$143,560		$159,840
Liabilities and Shareholders Equity
Accounts payable		$12,580		$45,140
Share capital		22,200		22,200
Retained earnings		108,780		92,500
Total liabilities and shareholders equity		$143,560		$159,840

AYAYAI INC. Income Statement Year Ended December 31, 2020
		2020		2019
Sales		$251,600		$199,800
Cost of goods sold		148,000		105,080
Gross profit		103,600		94,720
Operating expenses		65,120		37,000
Net income		$38,480		$57,720

Prepare the comparative income statement for 2020. (Round earnings per share to 2 decimal places, e.g. 52.75.) AYAYAI INC. Income Statement For the Years Ended December 31 2019 Restated see note XX 2020 Sales $ LA Cost of Goods Sold Gross Profit

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