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Presented here are the financial statements of Coronado Company. CORONADO COMPANY Comparative Balance Sheets December 31 Assets 2022 2021 Cash $36.000 $21,000 Accounts receivable 32.700 18.900 Inventory 30.100 20,100 59.600 77,600 Property, plant, and equipment (29.400) (23,300) Accumulated depreciation $129.000 $114,300 Total Liabilities and Stockholders' Equity $28.000 $16.800 Accounts payable Liabilities and Stockholders' Equity Accounts payable $28.000 $ 16,800 Income taxes payable 7.200 8,400 Bonds payable 26.700 32,100 Common stock 17.700 13,400 49.400 43.600 Retained earnings Total $129.000 $114.300 ADATV CORONADO COMPANY Income Statement For the Year Ended December 31, 2022 Sales revenue $242,500 Cost of goods sold 175,200 Gross profit 67.300 Selling expenses $18,675 Administrative expenses 6.225 24.900 42,400 Income from operations 2.700 Interest expense 39.700 Income before income taxes 7.940 Income tax expense $31.760 Net income UKILUHe lates 39,700 Income tax expense 7,940 Net income $31,760 Additional data: 1. Depreciation expense was $17,500. 2. Dividends declared and paid were $25.960. 3. During the year, equipment was sold for $6,600 cash. This equipment originally cost $18.000 and had accumulated depreciation of $11.400 at the time of sale. 4. Bonds were redeemed at their carrying value. 5. Common stock was issued at par for cash