Condensed financial data of Lily Company are as follows. Lily Company Comparative Balance Sheets December 31 Assets 2022 2021 Cash $92,000 $47,100 Accounts receivable 89,000 56,200 Inventory 120,000 102,000 Investments 84,000 86,000 Equipment 249,000 206,000 Accumulated depreciation-equipment (49,800) (41,000) $584,200 $456,300 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings $58,400 $47,000 11,300 18,900 103,000 69,100 250,000 199,000 161,500 122,300 $584,200 $456,300 Lily Company Income Statement For the Year Ended December 31, 2022 Sales revenue Gain on disposal of plant assets Less: Cost of goods sold $98,100 $299,000 8,490 307,490