The following are comparative balance sheets for Bonita Company. BONITA Company Comparative Balance Sheets December 31 Assets Cash Accounts receivable 85,800 2021 Inventory 170,200 187,000 Land 72,800 101,000 Equipment 260,600 200,800 Accumulated depreciation-equipment Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ( $1 par) Retained earnings 2022 $33,100 71,200 $596,700(66,100)$559,200(33,900) $35,000 151,400 217,600 192,700 $47.500 203,400 174,100 134,200 Additional information: 1. Net income for 2022 was $103,600. 2. Depreciation expense was $32,200. 3. Cash dividends of $45,100 were declared and paid. 4. Bonds payable with a carrying value of $52,000 were redeemed for $52,000 cash. 5. Common stock was issued at par for $43,500cash. 6. No equipment was sold during 2022. 7. Land was sold for its book value