Blanton Company$$s balance sheet for $2021$ is provided below. For each item of information show which accounts will increase and decrease. Use the financial statement template provided to you during class to do so$.$ Then use the following information to generate the income statement and balance sheet for $2022.$

Blanton Co$.$ Balance Sheet Dec $31,2021$

Cash $ $255,000$

Accounts receivable $175,500$

Inventory $117,000$

Equipment, net $680,000$

Total assets $$1,227,500$

Accounts payable $ $138,500$

Common stock $500,000$

Retained earnings $589,000$

Total liabilities & shareholders' equity $$1,227,500$

A$)$ During the year, Blanton purchased $$1\mathrm{.}6$ million worth of inventory on account.

B$)$ Blanton made $$2\mathrm{.}5$ million worth of sales on account during the year. The sold units cost Blanton $$1\mathrm{.}58$ million.

C$)$ Blanton received $$2\mathrm{.}36$ million worth of payments from their customers during the year, and paid $$1\mathrm{.}68$ million to its vendors.

D$)$ Blanton recognized $$155,000$ in depreciation during the year and bought no new equipment.

E$)$ Blanton had other operating expenses, including wages and salaries of $$506,000$ all paid in cash by the end of the year.

F$)$ Blanton paid a cash dividend of $$90,000$ during the year.

G$)$ Blanton$$s tax rate is $18\%.$ The pay all income taxes in the year they are due.

$*$Ignore any other expenses not discussed in information provided.

Generate the Balance Sheet and Income Statement for $2022.$ Use the balance sheet provided as a template for your balance sheet. The income statement should separate revenue $($net$),$ cost of goods sold, depreciation, other operating expenses, interest expense $($if any$),$ and tax expense to arrive at a net income number.