Condensed financial data of Oriole Company follow. Oriole Company Comparative Balance Sheets December 31 Assets 2022 2021 Cash $ 161,600 $ 96,800 Accounts receivable 175,600 76,000 Inventory 225,000 205,700 Prepaid expenses 52,000 56,800 276,000 Long-term investments 218,000 Plant assets 570,000 485,000 Accumulated depreciation (104,000) (100,000) $1,365,000 Total $1,029,500 Liabilities and Stockholders' Equity Accounts payable $ 204,000 $134,600 Accrued expenses payable 33,000 42,000 Bonds payable 220,000 292,000 Common stock 440,000 Retained earnings 468,000 $1,365,000 350,000 210,900 $1,029,500 Total Oriole Company Income Statement Data For the Year Ended December 31, 2022 Sales revenue $776,920 Less: Cost of goods sold $270,920 Operating expenses, excluding depreciation 24,820 Depreciation expense 93,000 Income tax expense 54,560 Interest expense 9,460 Loss on disposal of plant assets 15,000 467,760 Net income $309,160 Additional information: 1. New plant assets costing $200,000 were purchased for cash during the year. 2. Old plant assets having an original cost of $115,000 and accumulated depreciation of $97,000 were sold for $3,000 cash. 3. Bonds payable matured and were paid off at face value for cash. 4. A cash dividend of $52,060 was declared and paid during the year. Oriole Company Statement of Cash Flows Adjustments to reconcile net income to