Presented below are the financial statements of Blue Spruce Company, Blue Spruce Company Comparative Balance Sheets December 31 2022 2021 Assets $ 91,000 $ 52,000 Cash 52,000 36.400 Accounts receivable 72,800 52,000 Inventory 156,000 202,800 Property, plant, and equipment Accumulated depreciation (83,200 (62.400) Total $288,600 $280.800 Liabilities and Stockholders' Equity $ 49.400 $ 39,000 Accounts payable 18.200 20,800 Income taxes payable 44,200 85,800 Bonds payable 46,800 36,400 Common stock Retained earnings 130,000 98,800 C Question 6 of 6 130,000 98,800 Retained earnings Total $288,600 $280.800 Blue Spruce Company Income Statement For the Year Ended December 31, 2022 Sales revenue $629,200 Cost of goods sold 455,000 Gross profit 174,200 Selling expenses $46,800 Administrative expenses 15,600 62.400 111,800 Income from operations Interest expense Income before income taxes 7,800 104.000 Income tax expense 20,800 Net income $83,200 Additional data: 3.06/11