Following is a statement of cash flows $($indirect method$)$ for Hartford Incorporated for the year ended December $31,2023.$ Also shown is a partially completed comparative balance sheet as of December $31,2023$ and $2022$:

HARTFORD INCORPORATED

Statement of Cash Flows

For the year Ended December $31,2023$

Cash Flows from Operating Activities:

Net income $ $10,800$

Add $($deduct$)$ items not affecting cash:

Depreciation expense $54,000$

Decrease in accounts receivable $27,600$

Increase in Inventory $(8,400)$

Increase in notes payable $14,400$

Decrease in accounts payable $(7,200)$

Net cash provided by operating activities $ $91,200$

Cash Flows from Investing Activities:

Purchase of equipment $ $(60,000)$

Purchase of buildings $(57,600)$

Net cash used by investing activities $ $(117,600)$

Cash Flows from Financing Activities:

Proceeds from short$-$term debt $ $6,000$

Cash used for retirement of long$-$term debt $(30,000)$

Proceeds from issuance of common stock $12,000$

Payment of cash dividends on common stock $(3,600)$

Net cash used by financing activities $ $(15,600)$

Net decrease in cash for the year $ $(42,000)$

Required:

Complete the December $31,2023$ and $2022$ balance sheets.

Complete the statement of changes in retained earnings for the year ended December $31,2023.$