Condensed financial data of Sheridan Company follow. Assets Cash Accounts receivable Inventory Prepaid expenses Long-term investments Plant assets Accumulated depreciation Total Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock Sheridan Company Comparative Balance Sheets December 31 Retained earnings Ch 12: Homework 9 of 12 Sales revenue Less: Income tax expense Net income 2022 Interest expense Loss on disposal of plant assets $118,000 91,600 113,000 29,400 141,000 275,700 $111,300 16,100 110,700 219,500 Cost of goods sold Operating expenses, excluding depreciation Depreciation expense 265,100 2021 $47,800 (46,000) (51,400) $722,700 $512,600 32,200 102,900 26,000 113,500 241,600 $67,900 17,000 149,500 Income Statement For the Year Ended December 31, 2022 174,200 104,000 $135,900 11,600 29,500 26,300 4,400 7,500 $391,900 215,200 $176,700 -/1

Condensed financial data of Sheridan Company follow. Ch 12