Income Statement. Income. Gross sales. 2,408,000 dollars. Sales returns and allowances. Expense of 80,000 dollars. Net sales. 2,328,000 dollars. Cost of goods sold. Expense of 920,000 dollars. Gross profit. 1,408,000 dollars. Dividends received from stock investments in less than 20 percent owned United States corporations. 12,000 dollars. Interest income from State bonds is 14,000 dollars and from Certificates of deposit is 10,000 dollars for a total of 24,000 dollars. Total income. 1,444,000 dollars. Expenses. Salaries of officers. Nancy Trout. 160,000 dollars. Delores Lake. 160,000 dollars. Total officer salaries. 320,000 dollars. Salaries of clerical and sales. 290,000 dollars. Taxes for state, local, and payroll. 85,000 dollars. Repairs and maintenance. 56,000 dollars. Interest expense. Business loans. 12,000 dollars. Plus loan to purchase state bonds. 8,000 dollars. Total interest expense of 20,000 dollars. Advertising. 6,000 dollars. Rental expense. 68,000 dollars. Depreciation. You are not provided enough detailed information to complete a Form 45 62 for depreciation. If you solve this problem using Intuit Pro Connect, enter the amount of deprecation on line 20 of Form 11 20. For this table, depreciation is 40,000 dollars. Charitable contributions. 15,000 dollars. Employee benefit programs. 24,000 dollars. Premiums on term life insurance policies on lives of Nancy Trout and Delores Lake; Kingfisher is the designated beneficiary. 16,000 dollars. Total expenses. 940,000 dollars. Net income before taxes. 504,000 dollars. Federal income tax. 106,680 dollars. Net income per books. 397,320 dollars.

Balance Sheet. Assets. Cash. January 1, 2022. 380,000 dollars. Whats the cash for December 31 2022