The following information applies to the next 4 questions Hoover Inc. Comparative Balance Sheet As of December 31 2022 2021 Assets: Cash $26,500 $28,400 Increase (Decrease) ($1,000) Accounts Receivable 66,500 $8,000 8.500 Allowance For Doubtful Accounts (2.300) (1,800) (500) Inc Inventory 42.600 48,000 (5,400) Investments (Available For Sale] 36,000 42,000 5,000) Machinery 89,000 65.000 24,000 Buildings 180,000 150,000 30,000 Accumulated Depreciation (55,000) (50,000) (5,000) Land 80,000 80.000 0 Total Assets $463,300 $419,600 Liabilities: Accounts Payable 24,500 16,800 7,700 Unearned Revenue 5,900 8,700 (2,800) Long-Term Notes Payable 66,900 96,900 (30,000) Equity Common Stock (no par] 260,000 210,000 50,000 Retained Earnings 106,000 87,200 18,800 Total Liabilities and Equity $463,300 $419,600 Hoover Inc. Income Statement For Year Ended December 31, 2022 Sales $670,000 Less Cost of Goods Sold (444,100) Gross Profit 225,900 Less Operating Expenses 160,600 [Includes Depreciation Expense of $13,000 Income From Operations 65,300 Other Revenues and Expenses Gain on Sale of Investments 2,500 Loss on Sale of Machinery (3,000) Net Income 64,800