The comparative balance sheets for Bramble Company as of December 31 are as follows. BRAMBLE COMPANY Comparative Balance Sheets December 31 Assets 2022 2021 Cash $60,000 $46,300 Accounts receivable 40,000 48,800 Inventory 149,600 138,300 Prepaid expenses 19,500 25,100 Land 141,900 130,900 Buildings 197,900 197,900 Accumulated depreciation-buildings (72,500) (52,000) Equipment 230,700 156,900 Accumulated depreciation-equipment (47,900) (35,600) Total $719,200 $656,600 Liabilities and Stockholders' Equity Accounts payable $46,300 $39,600 Bonds payable 260,000 260,000 Common stock, $1 par 211,600 159,600 Retained earnings 201,300 197,400 Total $719,200 $656,600 Additional information: 1. Operating expenses include depreciation expense of $42,000 ($20,500 of depreciation expense for buildings and $21,500 for equipment). 2. Land was sold for cash at book value. 3. Cash dividends of $30,500 were declared and paid. 4. Net income for 2022 was $34,400. 5. Equipment was purchased for $95,300 cash. In addition, equipment costing $21,500 with a book value of $12,300 was sold for $9,700 cash. 6. 52,000 shares of $1 par value common stock were issued in exchange for land with a fair value of $52,000.