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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 he. Statement of Earnings May 31, 2023 2023 2022 2021 Revenue Cost of Goods Sold Gross Margin Expenses: Other Expenses Net income $950,000600,000$350,000 $275,000 $75,000 $825,000575,000$250,000488,000 $205.400 \$ 44,600 S 43,000 Exhibit 1 UofU inc. Statement of Financial Position May31,2023 2023 Assets Cash Accounts Receivable Inventory Prepaid Rent Long-Term Assets Equipment Accumluated Depreciation Investments Long Term Total Assets Current Liabilities Accounts Payable Wages Payable Interest Payable Income Tax Payable Long-term Liabilites Notes Payable Total Liabilities Shareholders' Equity Common Shares Retained Earnings Total Shareholders' Equity Total Liabilities and Shareholders' Equity $137,000102,00045,0005,000289,000 275,000 110,000 $165,000 45,000 $499,000 $65,00015,0008,5007,500$96,000 128,000 $224,000 100,000175,000$275,000 $499.000 2022 \$ 77,500 78,000 27,500 68,500 186,0003,000 28,000 2021 186,000 $37,5008,5005,5004,500$56,000 $231,000175,000 $391,000