IVANHOE COMPANY Income Statements For the Years Ended December 31 \begin{tabular}{|c|c|c|} \hline & 2022 & 2021 \\ \hline Net sales & $1,896,140 & $1,756,100 \\ \hline Cost of goods sold & 1,064,140 & 1,011,600 \\ \hline Gross profit & 832,000 & 744,500 \\ \hline Selling and administrative expenses & 505,600 & 484,600 \\ \hline Income from operations & 326,400 & 259,900 \\ \hline \multicolumn{3}{|l|}{ Other expenses and losses } \\ \hline Interest expense & 24,100 & 22,100 \\ \hline Income before income taxes & 302,300 & 237,800 \\ \hline Income tax expense & 94,100 & 75,100 \\ \hline Net income & $208,200 & $162,700 \\ \hline \end{tabular} All sales were on credit. Net cash provided by operating activities for 2022 was $249,000. Capital expenditures were $135,000, and lover to 2 decimal places, e.g. urnover, average collection to 1 decimal place, e.g. 1.8 or IVANHOE COMPANY Balance Sheets December 31 \begin{tabular}{|c|c|c|} \hline Assets & 2022 & 2021 \\ \hline \multicolumn{3}{|l|}{ Current assets } \\ \hline Cash & $60,100 & $64,200 \\ \hline Debt investments (short-term) & 74,000 & 50,000 \\ \hline Accounts receivable (net) & 123,400 & 108,400 \\ \hline Inventory & 128,100 & 117,600 \\ \hline Total current assets & 385,600 & 340,200 \\ \hline Plant assets (net) & 660,000 & 531,300 \\ \hline Total assets & $1,045,600 & $871,500 \\ \hline \end{tabular} Liabilities and Stockholders' Equity Current liabilities \begin{tabular}{|c|c|c|} \hline Accounts payable & $165,600 & $151,000 \\ \hline Income taxes payable & 45,600 & 44,100 \\ \hline Total current liabilities & 211,200 & 195,100 \\ \hline Bonds payable & 231,000 & 211,000 \\ \hline Total liabilities & 442,200 & 406,100 \\ \hline \end{tabular} Stockholders' equity \begin{tabular}{|c|c|c|} \hline Common stock ( $5 par) & 290,000 & 300,000 \\ \hline Retained earnings & 313,400 & 165,400 \\ \hline Total stockholders' equity & 603,400 & 465,400 \\ \hline tal liabilities and stockhold & $1,045,600 & $871,500 \\ \hline \end{tabular}