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	$ 9,900
Add (deduct) items not affecting cash:
Depreciation expense	49,500
Decrease in accounts receivable	25,300
Increase in Inventory	(7,700)
Increase in notes payable	13,200
Decrease in accounts payable	(6,600)
Net cash provided by operating activities	$ 83,600
Cash Flows from Investing Activities:
Purchase of equipment	$ (55,000)
Purchase of buildings	(52,800)
Net cash used by investing activities	$ (107,800)
Cash Flows from Financing Activities:
Proceeds from short-term debt	$ 5,500
Cash used for retirement of long-term debt	(27,500)
Proceeds from issuance of common stock	11,000
Payment of cash dividends on common stock	(3,300)
Net cash used by financing activities	$ (14,300)
Net decrease in cash for the year	$ (38,500)

Required:

1. Complete the December 31, 2023 and 2022 balance sheets.
2. Complete the statement of changes in retained earnings for the year ended December 31, 2023.

Complete this question by entering your answers in the tabs below.

• Required A
• Required B

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.

Complete this question by entering your answers in the tabs below.

• Required A
• Required B

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		$96,800
Accounts receivable		80,300
Inventory	61,600
Total current assets
Land		44,000
Buildings and equipment	286,000
Less: Accumulated depreciation		(135,300)
Total land, buildings and equipment
Total assets
Liabilities:
Current liabilities:
Accounts payable		$31,900
Short-term debt	35,200
Notes payable		39,600
Total current liabilities
Long-term debt	$93,500
Stockholders' Equity:
Common stock	$44,000
Retained earnings
Total stockholders' equity
Total liabilities and stockholders' equity

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	$0