The comparative balance sheets for 2021 and 2020 and the statement of income for 2021 are given below for Chapman Company. Additional information from Chapman's accounting records is provided also.

Assets Cash Accounts receivable Shortterm investment Inventory Land CHAPMAN COMPANY Comparative Balance Sheets December 31, 2021 and 2020 ($ in thousands) Buildings and equipment Less: Accumulated depreciation Liabilities Accounts payable Salaries payable Interest payable Income tax payable Notes payable Bonds payable Shareholders' Equity Common stock Paidin capitalexcess of par Retained earnings 2021 2020 $ 84 $ 50 91 95 39 15 95 9o 55 so 555 440 mam (95 $ 792 6?6 $ 31 $ 39 2 5 5 4 8 13 o 23 186 140 295 240 149 120 we 91 $ 792 $ 529 CHAPMAN COMPANY Income Statement For Year Ended December 31. 2021 ($ in thousands) Revenues: Sales revenue $ 400 Expenses: Cost of goods sold 3; 170 Salaries expense 43 Depreciation expense 44 Interest expense 13 Loss on sale of land 4 Income tax expense 56 330 Net income $ 70