Question 4 of 4 Presented below is information for 2022 and 2021 related to the operations of Cullumber Electronics, December 31 2022 2021 Cash $27,216 $22,260 Accounts receivable 22,512 19.488 Inventory 19,740 28,560 Prepaid expenses 1.764 2.436 Land 37,800 37,800 104.160 82,404 Equipment Accumulated depreciation 16.716 13,272 $199,920 Total $176,232 $27.216 $39,060 Accounts payable Wages payable 9,240 8,148 Bonds payable 29.400 0 Common stock 91,560 88,200 Retained earnings 42.504 40,824 Total $199.920 $176,232 MacBook Air DO 20 > FS F6 27 VO $ # % A * & 2022 Sales $250,320 121,800 128,520 7.224 95,760 Cost of goods sold Gross profit Depreciation expense Other operating expenses Income from operations Loss on equipment disposal Income before income taxes Income tax expense Net income 25,536 1.176 24,360 8,232 $16,128 a Additional information: In 2022, Cullumber declared and paid a cash dividend of $14,448. b. The company issued $29,400 of bonds at a discount for cash Equipment with a cost of $14,280 and a book value of $3,612 was sold for cash. New equipment was acquired for cash. c d The company issued stock for cash. e. Prepaid expenses pertain to operating expenses; accounts payable is only used for merchandise purchases. Question 4 of 4 $ 4 Question 4 of 4