Additional Data: 1. Cash Dividends of $10,000 were declared and paid. 2. Net Income for 2023 was $75,000. 3. Depreciation expense of $25,000 4. Long-term investments had a value of $45,000 and were sold for cash for a gain of $10,000. Additional long-term investments of $35,000 were purchased for cash. 5. Principal payment of $47,000 on long term debt 6. Shares sold for $50,000 cash. 7. Equipment with a cost of $25,000 and accumulated depreciation of $23,000 was sold for $14,000 cash. New Equipment was purchased for $35,000 cash. Exhibit 1 UofU inc. Statement of Financial Position May31,2023 2023 2022 2021 Assets Cash Accounts Receivable Inventory Prepaid Rent Long-Term Assets Equipment Accumlulated Depreciation Investments Long Term Total Assets Current Liabilities Accounts Payable Wages Payable Interest Payable Income Tax Payable Long-term Liabilites Notes Payable Total Liabilities Shareholders' Equity Common Shares Retained Earnings Total Shareholders' Equity Total Liabilities and Shareholders' Equity $137,000 102,000 45,000 \$ 77,500 78,00068,500 27,50028,000 186,0003,000 275,000110,000$165,000 45,000 $999,000 $65,00015,0008,5007,500$96,000 $224,000128,000 100,000175,000$275,000 $499,000 $150,000 55,000 $391,000 \$ 37,500 8,5005,5004,500$56,000 $231,000175,000 \begin{tabular}{rrr} 50,000 & 50,000 \\ 110,000 & & 67,000 \\ \cline { 1 - 2 }$160,000 & & $117,000 \end{tabular} $391,000 Exhibit 2 UofU Inc. Statement of Earnings May 31, 2023 2023 2022 2021 Revenue Cost of Goods Sold $950,000600,000$350,000 $825,000$250,000575,000$488,000 Expenses: \begin{tabular}{rlll} Other Expenses & $275,000 & & $205,400 \\ Net Income & $75,000 & $44,600 & $43,000 \\ \hline \end{tabular}