The comparative balance sheets for Sage Hill Corporation appear below. SAGE HILL CORPORATION Comparative Balance Sheet Assets 2022 2021 Cash Accounts receivable (net) $52,500 $30,200 83,000 64,500 Prepaid insurance 24,700 15,700 Land 15.500 49,500 Equipment 73,500 61,000 Accumulated depreciation (17,800 ) (10,100) Total assets $231,400 $210,800 Liabilities and Stockholder's Equity Accounts payable $12,500 $6,500 Bonds payable 29.500 15,400 Common stock 146.000 118,000 Retained earnings 43,400 70,900 Total liabilities and stockholder's equity $231,400 $210,800 Additional information: 1. Net loss for 2022 is $12,000. Net sales for 2022 are $330,000. 2. Cash dividends of $15,800 were declared and paid in 2022. 3. 4. 5. Land was sold for cash at a loss of $3,400. This was the only land transaction during the year. Equipment with a cost of $18,200 and accumulated depreciation of $10,400 was sold for $5,400 cash. $12,200 of bonds were retired during the year at carrying (book) value. Equipment was acquired for common stock. The fair value of the stock at the time of the exchange was $32,000,