Below is information from a company's balance sheet and income statement: BALANCE SHEETS Cash 12/31/22 $418,000 12/31/21 $ 192,000 Accounts receivable 350,000 216,000 Inventory 384,000 480,000 Property, plant and equipment $608,000 $960,000 Less accumulated depreciation Accounts payable Income taxes payable Bonds payable Common stock Retained earnings (320,000) 288,000 $1,440,000 (304,000) 656,000 $1,544,000 $176,000 $ 96,000 352,000 392,000 360,000 600,000 216,000 216,000 336,000 240,000 $1,544,000 Sales revenue Cost of sales Gross profit Selling expenses Administrative expenses Income from operations Interest expense Income before taxes Income taxes Net income $1,440,000 INCOME STATEMENT For the Year Ended December 31, 2022 $8,400,000 7,152,000 1,248,000 $600,000 192,000 792,000 456,000 72,000 384,000 96,000 $ 288,000