The following are comparative balance sheets for Concord Company. CONCORD Company Comparative Balance Sheets December 31 Assets 2022 2021 Cash $73,500 $32,600 Accounts receivable 86,200 70,600 Inventory 170,100 186,500 Land 74,000 100,400 Equipment 260,700 200,700 Accumulated depreciation-equipment (65,600) (33,500) Total $598,900 $557,300 Liabilities and Stockholders' Equity Accounts payable $35,100 $46,900 Bonds payable 150,200 203,900 Common stock ($1 par) 215,100 175,800 Retained earnings 198,500 130,700 Total $598,900 $557,300 Additional information: 1. Net income for 2022 was $102,300. 2. Depreciation expense was $32,100. 3. Cash dividends of $34,500 were declared and paid. 4. Bonds payable with a carrying value of $53,700 were redeemed for $53,700 cash. 5. Common stock was issued at par for $39,300 cash. 6. No equipment was sold during 2022. 7. Land was sold for its book value.