Presented here are the financial statements of Sheffield Company Sheffield Company Comparative Balance Sheets December 31 Assets 2022 2021 Cash $37.400 $19,100 Accounts receivable 32.000 19.700 Inventory 29.600 20,100 Property, plant, and equipment 59.600 78.000 Accumulated depreciation (29.600 (23.500 1 Total $129.000 $113,400 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total Sheffield Company Income Statement $28.100 $16.000 7,000 8.100 27,400 32.200 300 13.300 48.200 43.800 $129,000 $112.400 For the Year Ended December 31, 2022 Sales revenue $242,400 Cost of goods sold 176300 Gross profic 65.600 Selling expenses $17.550 Administrative expenses 5.850 23,400 Income from operations 42.200 Interest expense Income before income taxes Income tax expense Net income 7340 $31.360 141 3.000 39.200 Additional data 2 Depreciation expense was $14.700 Dividends declared and paid were $26,960 During the year equipment was sold for $800 cash. This equipment cost $18.400 originally and had accumulated depreciation of $600 at the time of sale 3 4 Bonds were redeemed at their carrying valu Common stock was issued at par for cash