The following financial information is for Ivanhoe Company. IVANHOE COMPANY Balance Sheets December 31 Assets Cash 2022 2021 $ 69,440 $68,720 Debt investments (short-term) 51,000 40,000 Accounts receivable 104,000 89,000 Inventory 230,000 168,000 Prepaid expenses 22,000 28,000 Land 131,000 131,000 Building and equipment (net) 262,000 185,000 Total assets $869,440 $709,720 Liabilities and Stockholders' Equity Notes payable $166,664 $102,000 Accounts payable 67,000 52,000 Accrued liabilities 39,000 39,000 Bonds payable, due 2025 249,000 170,000 Common stock, $10 par 199,000 199,000 Retained earnings 148,776 147,720 Total liabilities and stockholders' equity $869,440 $709,720 IVANHOE COMPANY Income Statements For the Years Ended December 31 2022 2021 Sales revenue $907,100 $796,500 Cost of goods sold 656,700 568,000 Gross profit 250,400 228,500 Operating expenses 195,974 156,815 Net income $54,426 $71,685 Additional information: 1. Inventory at the beginning of 2021 was $116,000. 2. Accounts receivable (net) at the beginning of 2021 were $88,000. 3. Total assets at the beginning of 2021 were $634,000. 4. No common stock transactions occurred during 2021 or 2022. 5. All sales were on account.