Condensed financial data of Vaughn Inc. follow. VAUGHN INC. Comparative Balance Sheets December 31 Assets 2022 2021 Cash $117,600 $47,100 Accounts receivable 91,900 33,000 Inventory 111,200 102,400 Prepaid expenses 29,300 25,900 Long-term investments 139,100 113,800 Plant assets 275,800 241,700 Accumulated depreciation (46,400) (51,100) Total $718,500 $512,800 Liabilities and Stockholders' Equity Accounts payable $111,100 $67,800 Accrued expenses payable 16,200 17,000 Bonds payable 113,100 149,300 Common stock 219,400 175,800 Retained earnings 258,700 102,900 Total $718,500 $512,800 VAUGHN INC. Income Statement For the Year Ended December 31, 2022 Sales revenue $391,900 Less: Cost of goods sold $136,000 Operating expenses, excluding depreciation 12,600 Depreciation expense 31,700 Income tax expense 27,700 Interest expense 4,500 Loss on disposal of plant assets 7,500 220,000 Net income $171,900 Additional information: 1. New plant assets costing $80,600 were purchased for cash during the year. Old plant assets having an original cost of $46,500 and accumulated depreciation of $36,400 were sold for $2,600 cash. 2. 3. Bonds payable matured and were paid off at face value for cash. 4. A cash dividend of $16,100 was declared and paid during the year. 5. Common stock was issued at par for cash. 6. There were no significant noncash transactions.