Presented below are the financial statements of Coronado Industries.

Coronado Industries Comparative Balance Sheets December 31
Assets		2022			2021
Cash		$ 49,000			$ 28,000
Accounts receivable		28,000			19,600
Inventory		39,200			28,000
Property, plant, and equipment		84,000			109,200
Accumulated depreciation		(44,800	)		(33,600	)
Total		$155,400			$151,200
Liabilities and Stockholders Equity
Accounts payable		$ 26,600			$ 21,000
Income taxes payable		9,800			11,200
Bonds payable		23,800			46,200
Common stock		25,200			19,600
Retained earnings		70,000			53,200
Total		$155,400			$151,200

Coronado Industries Income Statement For the Year Ended December 31, 2022
Sales revenue				$338,800
Cost of goods sold				245,000
Gross profit				93,800
Selling expenses		$25,200
Administrative expenses		8,400		33,600
Income from operations				60,200
Interest expense				4,200
Income before income taxes				56,000
Income tax expense				11,200
Net income				$ 44,800

Additional data:

1.		Depreciation expense was $24,500.
2.		Dividends declared and paid were $28,000.
3.		During the year equipment was sold for $11,900 cash. This equipment cost $25,200 originally and had accumulated depreciation of $13,300 at the time of sale.