- sign e. The following are comparative balance sheets for Vaughn Company. Additional information: 1. Net income for 2022 was $104,800. 2. Depreciation expense was $31,800. 3. Cash dividends of $41,700 were declared and paid. 4. Bonds payable with a carrying value of $52,900 were redeemed for $52,900 cash. 5. Common stock was issued at par for $40,200 cash. 6. No equipment was sold during 2022. 7. Land was sold for its book value