The comparative balance sheets for Pina Colada Corp. as of December 31 are as follows. Pina Colada Corp. Comparative Balance Sheets December 31 Assets 2022 2021 Cash $57,900 $50,000 Accounts receivable 43,000 62,000 Inventory 152,000 143,400 Prepaid expenses 13,900 21,500 Land 144,400 131,300 Buildings 197,400 197,400 Accumulated depreciation-buildings (57,800 ) (33,100) Equipment 228,400 156,300 Accumulated depreciation-equipment (44,200) (36,700 ) Total $735,000 $692,100 Liabilities and Stockholders' Equity Accounts payable $46,500 $39,700 Bonds payable 260,000 260,000 Common stock, $1 par 193,100 160,000 Retained earnings 235,400 232,400 Total $735,000 $692,100 Additional information: 1. Operating expenses include depreciation expense of $42,000 ($24,700 of depreciation expense for buildings and $17,300 for equipment). 2. Land was sold for cash at book value. 3. Cash dividends of $42,700 were paid. 4. Net income for 2022 was $45,700. 5. Equipment was purchased for $94,000 cash. In addition, equipment costing $21,900 with a book value of $12,100 was sold for $5,800 cash. 6. 33,100 shares of $1 par value common stock were issued in exchange for land with a fair value of $33,100. Pina Colada Corp. Statement of Cash Flows Adjustments to reconcile net income to 69 > > > > 69 $