Problem 12-11A The comparative balance sheets for Metlock, Inc. as of December 31 are presented below. 2021 Metlock, Inc. Comparative Balance Sheets December 31 Assets 2022 Cash $ 66,640 Accounts receivable 49,000 Inventory 148,421 Prepaid expenses 14,974 Land 142,100 Buildings 196,000 Accumulated depreciation-buildings (58,800 ) Equipment 220,500 Accumulated depreciation-equipment (44,100 ) Total $734,735 $ 44,100 56,840 139,160 20,580 127,400 196,000 (39,200 ) 151,900 (34,300 ) $662,480 Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock, $1 par Retained earnings $ 43,835 294,000 196,000 200,900 $734,735 $ 35,280 294,000 156,800 176,400 $662,480 Total Additional information: 1. Operating expenses include depreciation expense of $41,160 ($19,600 of depreciation expense for buildings and $21,560 for equipment). 2. Land was sold for cash at book value. 3. Cash dividends of $11,760 were paid. 4. Net income for 2022 was $36,260. 5. Equipment was purchased for $90,160 cash. In addition, equipment costing $21,560 with a book value of $9,800 was sold for $7,840 cash. 6. 39,200 shares of $1 par value common stock were issued in exchange for land with a fair value of $39,200. Metlock, Inc. Statement of Cash Flows Adjustments to reconcile net income to > $ > >