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SUNLAND INC. Comparative Balance Sheets December 31 Assets 2022 2021 Cash $81,300 $49,100 Accounts receivable 87,800 38,100 Inventory 112,800 101,000 Prepaid expenses 29,200 27,600 Long-term
SUNLAND INC. Comparative Balance Sheets December 31 Assets 2022 2021 Cash $81,300 $49,100 Accounts receivable 87,800 38,100 Inventory 112,800 101,000 Prepaid expenses 29,200 27,600 Long-term investments 139,400 114,200 Plant assets 285,500 242,800 Accumulated depreciation (46,800) (48,600) Total $689,200 $524,200 Liabilities and Stockholders' Equity Accounts payable $102,900 $60,200 Accrued expenses payable 16,000 21,300 Bonds payable 117,200 149,500 Common stock 219,100 175,300 Retained earnings 234,000 117,900 Total $689,200 $524,200SUNLAND INC. Income Statement For the Year Ended December 31, 2022 Sales revenue $386,200 Less: Cost of goods sold $136,000 Operating expenses, excluding depreciation 11,700 Depreciation expense 48,500 Income tax expense 27,600 Interest expense 4,000 Loss on disposal of plant assets 6,400 234,200 Net income $152,000 Additional information: 1. New plant assets costing $100,700 were purchased for cash during the year. 2. Old plant assets having an original cost of $58,000 and accumulated depreciation of $50,300 were sold for $1,300 cash. 3. Bonds payable matured and were paid off at face value for cash. 4. A cash dividend of $35,900 was declared and paid during the year. 5. Common stock was issued at par for cash. 6. There were no signicant noncash transactions. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) SUNLAND INC. Statement of Cash Flows For the Year Ended December 31, 2022 Net Income 152000 Adjustments to reconcile net income to
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