Current Attempt in Progress Condensed financial data of Blue Spruce Corp. follow. 2021 Blue Spruce Corp Comparative Balance Sheets December 31 Assets 2022 Cash $ 185,840 Accounts receivable 201,940 Inventory 258.750 Prepaid expenses 65,320 Long-term investments 317,400 Plant assets 655,500 Accumulated depreciation (115,000) Total $1,569,750 Liabilities and Stockholders' Equity Accounts payable $ 234,600 Accrued expenses payable 37.950 Bonds payable 253,000 Common stock 506,000 Retained earnings 538,200 Total $1.569,750 $ 111,320 87,400 236,555 59,800 250,700 557,750 (119,600) $1,183,925 $ 154,790 48,300 335,800 402.500 242,535 $1,183.925 $893,458 Blue Spruce Corp. Income Statement Data For the Year Ended December 31, 2022 Sales revenue Less: Cost of goods sold $311,558 Operating expenses, excluding depreciation 28,543 Depreciation expense 106,950 Income tax expense 62,744 Interest expense 10.879 Loss on disposal of plant assets 17,250 Net income 537,924 $ 355,534 Additional information: 1. 2. New plant assets costing $230,000 were purchased for cash during the year. Old plant assets having an original cost of $132.250 and accumulated depreciation of $111,550 were sold for $3,450 cash. Bonds payable matured and were paid off at face value for cash. A cash dividend of $59,869 was declared and paid during the year. 3. 4. Statement of Cash Flows For the Year Ended December 31, 2022 Cash Flows from Operating Activities $ 355,534 Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities Loss on Disposal of Plant Assets $ $ Depreciation Expense > Increase in Accounts Receivable Increase in Inventory Increase in Accounts Payable > Increase in Accrued Expenses Payable