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 $ $11,700$

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

Depreciation expense $58,500$

Decrease in accounts receivable $29,900$

Increase in Inventory $(9,100)$

Increase in notes payable $15,600$

Decrease in accounts payable $(7,800)$

Net cash provided by operating activities $ $98,800$

Cash Flows from Investing Activities:

Purchase of equipment $ $(65,000)$

Purchase of buildings $(62,400)$

Net cash used by investing activities $ $(127,400)$

Cash Flows from Financing Activities:

Proceeds from short$-$term debt $ $6,500$

Cash used for retirement of long$-$term debt $(32,500)$

Proceeds from issuance of common stock $13,000$

Payment of cash dividends on common stock $(3,900)$

Net cash used by financing activities $ $(16,900)$

Net decrease in cash for the year $ $(45,500)$

Required:

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

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