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Fyhihit 1 Additional Data: 1. Cash Dividends of $10,000 were declared and paid. 2. Net Income for 2023 was $75,000. 3. Depreciation expense of $25,000 4. Long-term investments had a value of $45,000 and were sold for cash for a gain of $10,000. Additional long-term investments of $35,000 were purchased for cash. 5. Principal payment of $47,000 on long term debt 6. Shares sold for $50,000 cash. 7. Equipment with a cost of $25,000 and accumulated depreciation of $23,000 was sold for $14,000 cash. New Equipment was purchased for $35,000 cash. Exhibit 2 UofU Inc. Statement of Earnings May 31, 2023 2023 $950,000600,000$350,000 $825,000575,000$250,000$488,000 $275,000 $75,000 2022 2021 Revenue Cost of Goods Sold Gross Margin Expenses: Other Expenses Net Income $950,000600,000$350,000 $250,000 $205,400 $44,600 2021