Presented here are the financial statements of Pina Colada Company Pina Colada Company Comparative Balance Sheets December 31 Assets 2022 Cash $36.900 Accounts receivable 32.100 Inventory 30.000 Property, plant, and equipment 59,600 Accumulated depreciation (29.600) Total $129,000 2021 $19,500 18,600 20.300 78,000 (23.200) $113.200 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $28.200 7.100 26,700 17.500 49.500 $129.000 $16.500 8.500 32.400 13.800 42,000 $113,200 Pina Colada Company Income Statement For the Year Ended December 31, 2022 Sales revenue $241.300 175 Pina Colada Company Income Statement For the Year Ended December 31, 2022 Sales revenue $241,300 Cost of goods sold 176,400 Gross profit 64,900 Selling expenses $18,375 Administrative expenses 6,125 24.500 Income from operations 40,400 Interest expense 3,800 Income before income taxes 36,600 Income tax expense 7.320 Net income $29.280 Additional data: 1. 2. 3 Depreciation expense was $16.000 Dividends declared and paid were 521.780. During the year equipment was sold for 58,800 cash. This equipment cost $18,400 originally and had accumulated depreciation of $9.000 at the time of sale. Bonds were redeemed at their carrying value. Common stock was issued at par for cash. S. Pina Colada Company Statement of Cash Flows - Indirect Method Adjustments to reconcile net income to V C > >