Question: Quick Pies Ltd. was set to report its financial statements for the year ended December 31, 2014, along with the comparative financial statements for 2013.

Quick Pies Ltd. was set to report its financial statements for the year ended December 31, 2014, along with the comparative financial statements for 2013. Just prior to doing so, it discovered it had unintentionally overstated depreciation expense and understated the carrying amount of capital assets by $50,000 when it originally reported its 2013 financial statements last year. What must Quick Pies do to deal with this misstatement?

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