Buffalo Industries Income Statement For the Year Ended December 31, 2022 Sales revenue $314,600 Cost of goods sold 227.500 Gross profit 87,100 Selling expenses $23,400 Administrative expenses 7,800 31,200 Income from operations 55,900 Interest expense 3,900 Income before income taxes 52,000 Income tax expense 10,400 Net income $ 41,600 Additional data: 1. Depreciation expense was $22,750. 2. Dividends declared and paid were $26,000. 3. During the year equipment was sold for $11,050 cash. This equipment cost $23,400 originally and had accumulated depreciation of $12,350 at the time of sale. Buffalo Industries Statement of Cash Flows For the Year Ended December 31, 2022 V Cash Flows from Operating Activities v Cash Receipts from Customers $ Less V Cash Payments A