Condensed financial data of Lily Inc. follow. LILY INC. Comparative Balance Sheets December 31 Assets 2022 2021 Cash $80,300 $48,600 Accounts receivable 87,100 37,900 Inventory 112,500 102,200 Prepaid expenses 29,200 27,400 Long-term investments 140,500 115,000 Plant assets 284,100 241,900 Accumulated depreciation (46,900) (48,300) Total $686,800 $524,700 Liabilities and Stockholders' Equity Accounts payable $105,000 $62,800 Accrued expenses payable 16,000 21,300 Bonds payable 113,300 149,400 Common stock 220,600 176,000 Retained earnings 231,900 115,200 Total $686,800 $524,700 LILY INC. Income Statement For the Year Ended December 31, 2022 Sales revenue Less: Cost of goods sold $386,500 $134,400 Operating expenses, excluding depreciation 12,400 Depreciation expense 49,500 Income tax expense 27,600 Interest expense 4,200 Loss on disposal of plant assets 6,000 234,100 Net income $152,400