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	$ 9,000
Add (deduct) items not affecting cash:
Depreciation expense	45,000
Decrease in accounts receivable	23,000
Increase in Inventory	(7,000)
Increase in notes payable	12,000
Decrease in accounts payable	(6,000)
Net cash provided by operating activities	$ 76,000
Cash Flows from Investing Activities:
Purchase of equipment	$ (50,000)
Purchase of buildings	(48,000)
Net cash used by investing activities	$ (98,000)
Cash Flows from Financing Activities:
Proceeds from short-term debt	$ 5,000
Cash used for retirement of long-term debt	(25,000)
Proceeds from issuance of common stock	10,000
Payment of cash dividends on common stock	(3,000)
Net cash used by financing activities	$ (13,000)
Net decrease in cash for the year	$ (35,000)

Required:

Complete the December 31, 2023 and 2022 balance sheets.

HARTFORD INCORPORATED
Comparative Balance Sheets
At December 31, 2023 and 2022
	2023	2022
Assets:
Current assets:
Cash		$88,000
Accounts receivable		73,000
Inventory	56,000
Total current assets
Land		40,000
Buildings and equipment	260,000
Less: Accumulated depreciation		(123,000)
Total land, buildings and equipment
Total assets
Liabilities:
Current liabilities:
Accounts payable		$29,000
Short-term debt	32,000
Notes payable		36,000
Total current liabilities
Long-term debt	$85,000
Stockholders' Equity:
Common stock	$40,000
Retained earnings
Total stockholders' equity
Total liabilities and stockholders' equity

Complete the statement of changes in retained earnings for the year ended December 31, 2023. Note: Amounts to be deducted should be indicated by a minus sign.

HARTFORD INCORPORATED
Statement of Changes in Retained Earnings
For the Year Ended December 31, 2023
Retained earnings, January 1, 2023
Retained earnings, December 31, 2023