The following are comparative balance sheets for Sheridan Company. Sheridan Company Comparative Balance Sheets December 31 Assets 2022 2021 Cash $73,200 $32,700 Accounts receivable 85,600 70,500 Inventory 169,800 186,600 Land 74,000 100,600 Equipment . 260,500 200,100 Accumulated depreciation-equipment (65,800) (33,700) Total $597,300 $556,800 Liabilities and Stockholders' Equity Accounts payable $35,400 $47,300 Bonds payable 151,400 203,000 Common stock ($1 par) 217,500 173,200 Retained earnings 193,000 133,300 Total $597,300 $556,800 Additional information: 1. Net income for 2022 was $104,100. 2 Depreciation expense was $32,100. 3. 4. Cash dividends of $44,400 were declared and paid. Bonds payable with a carrying value of $51,600 were redeemed for $51,600 cash. 5. Common stock was issued at par for $44,300 cash. 6. No equipment was sold during 2022. 7. Land was sold for its book value.