The accountant of Danon Inc. prepared the following comparative balance sheet and income statement and has asked you to analyze the company's cash flows for 2022. Danon Corporation Statement of Earnings For the year ended December 31, 2022 Sales revenue Gain on Sale of Land Total Revenue and Gain Cost of goods sold Depreciation expense - Equipment $1,350,000 $120,000 $1,470,000 $607,500 62,000 Wages expense 160,000 Other operating expenses 350,000 Interest expense 65,000 Loss on sale of equipment 15,500 $1,260,000 Income before income taxes 210,000 Income Taxes (30%) $63,000 Net income $147,000