Condensed financial data of Sheridan Inc. follow. SHERIDAN INC. Comparative Balance Sheets December 31 Assets 2022 2021 Cash $ 119,400 $ 47,400 Accounts receivable 92,500 32,000 Inventory 112,600 102,600 Prepaid expenses 29.100 25,300 Long-term investments 140,600 114,700 Plant assets 274,200 243,000 Accumulated depreciation {46,400) (51,600) Total $722.000 $513.400 Liabilities and Stockholders' Equity Accounts payable $ 111,700 $ 68,000 Accrued expenses payable 16,300 17.500 Bonds payable 115.300 149.100 Common stock 220,000 175,100 Retained earnings 258.700 103.700 Total $ 722.000 $513.400 SHERIDAN INC. Income Statement For the Year Ended December 31, 2022 Sales revenue $ 391.900 Less Cost of goods sold $ 135,000 Operating expenses excluding depreciation 11.200 Depreciation expense 33.200 27 600 Income tax expense Interest expense 4.300 Loss on disposal of plant assets 7500 218.800 Net income $ 178.100 Additional Information 1. 2 New plant assets costing $ 79.900 were purchased for cash during the year Old plant assets having an original cost of $48.500 and accumulated depreciation of $ 38.400 were sold for $2.800 cash Bonds payable matured and were paid off at face value for cash 4 Acash dividend of $ 18.100 was declared and paid during the year 5 Common stock was issued at par for cash 6 There were no significant noncash transactions SHERIDAN INC. Statement of Cash Flows V V Adjustments to reconcile income to v v V V v V V > > > > >