LAG Network Inc.$$s balance sheet and income statement are as follows:

LAG Network Inc.

Income Statement

For Year Ended December $31,2023$

Sales $ $936,600$

Cost of goods sold $564,200$

Gross profit $ $372,400$

Operating expenses:

Depreciation expense $ $25,200$

Other expenses $247,800$

Total operating expenses $273,000$

Profit from operations $ $99,400$

Income taxes $26,600$

Profit $ $72,800$

LAG Network Inc.

Comparative Balance Sheet Information

December $31$

$20232022$

Assets

Cash $ $81,270$ $ $56,000$

Accounts receivable $50,40039,200$

Merchandise inventory $273,630259,000$

Equipment $162,400140,000$

Accumulated depreciation $(79,800)(54,600)$

Total assets $ $487,900$ $ $439,600$

Liabilities and Equity

Accounts payable $ $39,200$ $ $51,800$

Income taxes payable $19,60018,200$

Common shares $371,000325,500$

Retained earnings $58,10044,100$

Total liabilities and equity $ $487,900$ $ $439,600$

Additional information regarding LAG Network Inc.$$s activities during $2023$:

Equipment is purchased for $$22,400$ cash.

$18,200$ common shares are issued for cash at $$2\mathrm{.}50$ per share.

Declared and paid $$58,800$ of cash dividends during the year.