Project 1 ACC 220 Due: Monday, September 12, 2022 The following are comparable non-classified balance sheets for Battle Corporation for December 31, 2022 and 2021. ASSETS: 2022 2021 Cash $22,000 $40,000 Accounts receivable 120,000 100,000 Inventory 77,000 90,000 Prepaid rent 19,000 15,000 Long-term investment in ABC stock 160,000 180,000 Equipment 642,000 480,000 Accumulated depreciation (180,000) (160,000 Patents 85,000 105,000 Total Assets $945,000 $850,000 LIABILITIES AND SHAREHOLDERS' EQUITY: Accounts payable Accrued wages payable Bonds payable Common stock ($10 par) Retained earnings Total Liabilities and SH Equity $98,000 $125,000 21,000 25,000 360,000 320,000 250,000 200,000 216,000 180,000 $945,000 $850,000 The simple single-step income statement for Battle Corporation for the year ended December 31, 2022 is below: Sales Less expenses: $750,000 Cost of goods sold Amortization expense $400,000 20,000 Depreciation expense 45,000 Wages expense 72,000 Rent expense 30,000 Other operating expenses 68,000 Gain on sale of ABC stock 9,000 Loss on sale of equipment (7,000) Interest expense 12,000 37,000 Income taxes expense Total expenses Net income 686,000 $64.000