December 31 Assets 2022 2021 Cash $37,900 $20,900 Accounts receivable 22,000 16,600 Inventory 29,500 21,300 Property, plant, and equipment 59.100 77,400 Accumulated depreciation 32.2001 (22,900 Total $116,300 $112,300 Liabilities and Stockholders' Equity $18,900 $14,400 Accounts payable Income taxes payable 7,200 8,500 Bonds payable 27,000 43,550 Common stock 16,900 13,700 Retained earnings 44.300 32.150 Total $116,300 $112,300 LILY COMPANY Income Statement For the Year Ended December 31, 2022 Sales revenue $242.900 176,600 Cost of goods sold Gross profit 66,300 Selling expenses $19,500 Administrative expenses 4,500 Operating expenses 22,000 Income from operations 43,300 Interest expense 3,600 Income before income taxes 39,700 Income tax expense 7.940 Net income $31,760 Additional data: 1. Depreciation expense was $17,200. 2. Dividends declared and paid were $19.610. 3. During the year, equipment was sold for $9.400 cash. This equipment originally cost $18,300 and had accumulated depreciation of $8,900 at the time of sale 4 Bonds were redeemed at their carrying value 5. Common stock was issued at par for cash. $ Adjustments to reconcile net income to