Presented here are the financial statements of Vaughn Company. VAUGHN COMPANY Comparative Balance Sheets December 31 Assets 2022 2021 Cash $36,000 $20,300 Accounts receivable 32,600 18,700 Inventory 30,100 20,700 Property, plant, and equipment 59,700 77,200 Accumulated depreciation (29,800) (23,300) Total $128,600 $113,600 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total VAUGHN COMPANY Income Statement $28,000 $ 16,100 7,500 8,200 26,600 32,600 17,900 14,000 48,600 42,700 $128,600 $113,600 For the Year Ended December 31, 2022 Sales revenue $241,200 Cost of goods sold 175,400 Gross profit 65,800 Selling expenses $17,850 Administrative expenses 5,950 23,800 Income from operations 42,000 Interest expense 2,500 Income before income taxes 39,500 Income tax expense 7,900 Net income $31,600