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Condensed financial data of McKillop Corporation appear below: MCKILLOP CORPORATION Comparative Statements of Financial Position December 31 Assets 2022 2021 Cash ........................................................................................... $ 74,700 $

Condensed financial data of McKillop Corporation appear below:

MCKILLOP CORPORATION

Comparative Statements of Financial Position December 31

Assets

2022

2021

Cash ...........................................................................................

$ 74,700

$ 35,000

Accounts receivable ....................................................................

104,000

67,000

Inventory .....................................................................................

100,000

112,000

Prepaid expenses .......................................................................

32,000

36,000

Long-term investments................................................................

81,000

66,000

Property, plant, and equipment ...................................................

235,000

175,000

Accumulated depreciation ...........................................................

(65,000)

(60,000)

Total.....................................................................................

$561,700

$431,000

Liabilities and Shareholders' Equity

Accounts payable........................................................................ $ 101,000

$ 75,000

Salaries payable ......................................................................... 21,000

24,000

Bank Loan Payable (long-term) 135,000

160,000

Common shares 240,000

91,000

Retained earnings 64,700

81,000

Total $561,700

$431,000

MCKILLOP CORPORATION

Statement of Income

Year Ended December 31, 2022

Sales...........................................................................................

$500,000

Expenses

Cost of goods sold ...............................................................

$295,000

Operating expenses .............................................................

65,000

Depreciation expense ..........................................................

17,000

Interest expense...................................................................

18,000

Loss on sale of equipment ...................................................

3,000

398,000

Income before income tax ...........................................................

102,000

Income tax expense ....................................................................

15,300

Net income..................................................................................

$ 86,700

See the following page for Additional information.

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