The following are the financial statements of Cheyenne Corp.. Cheyenne Corp. Comparative Balance Sheets December 31 Assets 2019 2018 Cash $37,900 $20,200 Accounts receivable 32,100 19,600 Inventory 31,000 20,400 Equipment 59,500 77,800 Accumulated depreciation equipment (29,900) (23,800) Total $130,600 $114,200 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $28,400 $16,800 7,300 8,400 27,400 32,500 18,200 14,900 49,300 41,600 $130,600 $114,200 Cheyenne Corp. Income Statement For the Year Ended December 31, 2019 Sales revenue $242,900 Cost of goods sold 175,700 Gross profit 67,200 Operating expenses 23,700 Income from operations 43,500 Interest expense 2,900 Income before income taxes 40,600 Income tax expense 7,600 Net income $33,000 Additional data: Additional data: 1. Dividends declared and paid were $25,300. 2. During the year, equipment was sold for $9,600 cash. This equipment cost $18,300 originally and had a book value of $9,600 at the time of sale. 3. All depreciation expense, $14,800, is in the operating expenses. 4. All sales and purchases are on account. Cheyenne Corp. Statement of Cash Flows Adjustments to reconcile net income to