Condensed balance sheet and income statement data for Sheffield Corporation are presented here. Sheffield Corporation Balance Sheets December 31 2022 2021 2020 Cash $ 29,600 $ 17,000 $ 17,600 Accounts receivable (net) 50,600 44,300 48,300 Other current assets 90,300 94,500 64,500 Investments 55,000 70,000 44,700 Property, plant, and equipment (net) 500,400 370,600 357,400 $725,900 $596,400 $532,500 Current liabilities $85,400 $79,800 $69,900 Long-term debt 144,900 84,300 50,900 Common stock, $10 par 351,000 310,000 300,000 Retained earnings 144,600 122,300 111,700 $725,900 $596,400 $532,500 Sheffield Corporation Income Statements For the Years Ended December 31 2022 2021 Sales $737,000 $605,800 Less: Sales returns and allowances 39,700 30,300 Net sales 697,300 575,500 Cost of goods sold 425,500 370,000 Gross profit 271,800 205,500 Operating expenses (including income taxes) 188,124 147,950 Net income $83,676 $ 57,550