CONCORD Company Comparative Balance Sheets December 31 Assets 2022 2021 Cash $73,000 $33,400 Accounts receivable 86,500 70,900 Inventory 170,000 187,000 Land 72,900 100,300 Equipment 261,000 200,700 Accumulated depreciation-equipment (66,000) (34,200) Total $597,400 $558,100 Liabilities and Stockholders' Equity Accounts payable $35,400 $47,000 Bonds payable 148,800 203,600 Common stock ($1 par) 216,500 175,300 Retained earnings 196,700 132,200 Total $597,400 $558,100 Additional information: 1. Net income for 2022 was $101,800. 3. 4. Depreciation expense was $31,800. Cash dividends of $37,300 were declared and paid. Bonds payable with a carrying value of $54,800 were redeemed for $54,800 cash. 5. Common stock was issued at par for $41,200 cash. 6. No equipment was sold during 2022. 7. Land was sold for its book value. 12 CONCORD Company Statement of Cash Flows Adjustments to reconcile net income to > 1