please round all answers 2 decimal places and show all work.

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 1 UofU he Statement of Financial Position May31,2023 2023 Assets Cash Accourts Receivable hwentory Prepaid Rent Long-Term Assets Equipment Accumluated Depreciation mestments Long Term Total Assets Current Liabilities Accounts Payable Wages Payable hterest Payable ncome Tax Payable Long-term Liabilites Notes Payable Total Liabilites Shareholders' Equity Common Shares Retained Earnings Total Shareholders' Equity Total Liabilites and Shareholders' Equity $137,000 102,000 45,000 5,000 289.000 275,000 110,000$165.000 45.000 $499.000 \$ 65,000 15,000 8,500 7.500$96.000 $224,000128,000 100.000 175.000 $275.000 $499.000 2022 2021 \$ 77500 78.000 68,500 27.500 28,000 240,000 90.000$150,000 $391.000 $37,5008,5005,5004,500$56,000 $231,000175,000 $391.000 3 I Page Exhibit 2 Uofunc. Statement of Earnings May 31, 2023 2023 Revenue Cost of Goods Sold Gross Margin Expenses: Other Expenses Net hcome 2022 2021 $950,000600,000$350,000 $825,000575,000$250,000 $488,000 $275.000 $75,000 $205.400 $44,600 $43.000 4P a ge