Sandhill Company Comparative Balance Sheets December 31 Assets 2022 2021 Cash $163,200 $52,800 Accounts receivable 211,200 182,400 Inventory 400,800 453,600 Land 192,000 240,000 Equipment 624,000 480,000 Accumulated depreciation-equipment (158,400) (76,800 ) Total $1,432,800 $1,332,000 Liabilities and Stockholders' Equity Accounts payable $93,600 $103,200 Bonds payable 360,000 480,000 Common stock ($1 par) 518,400 417,600 Retained earnings 460,800 331,200 Total $1,432,800 $1,332,000 Additional information: 1. Net income for 2022 was $223,200. 2. 3. Depreciation expense was $81,600. Cash dividends of $93,600 were declared and paid. 4. Bonds payable amounting to $120,000 were redeemed for cash $120,000.