The following is information for ABC$$ a publicly traded company Condensed

Balance Sheet at end of $2021($amounts in thousands$)$ Income Statement for $2021$ Statement of Comprehensive Income

Current Assets $2021$

Cash $4,650$ $ Sales $ $265,320$ Net Income $48,967$ $ $489672323$

Accounts Receivable $18,260$ $ Cost of Goods Sold $ $148,290$ Other Comprehensive Income

Inventory $ $21,275$ Gross Profit $ $117,030$ Unrealized Gain on

Prepaid insurance $5,700$ $ $57001900$ AFS Debt Securities $158$ $

Total Current Assets $49,885$ $ Wages Expense $ $23,450$ Income Tax Effect $(33)$ $

Property, Plant and Equipment $ $311,000$ Depreciation Expense $ $15,22015220+683$ Total Other Comprehensive Inc $ $125$

Accumulated Depreciation $(103,500)$ $ $103500+1708$Amortization Expense $ $1,500$

Patent $36,000$ $ Insurance Expense $ $767767+1900$ Comprehensive Income $49,092$ $ $491252323$

AFS Debt Securities $2,100$ $ Interest Expense $ $10,150$

Total Assets $295,485$ $ Other Expense $ $3,960$

Current Liabilities Total Expenses $ $55,047$

Accounts Payable $25,212$ $ reduce taxesIncome before Taxes $ $61,983619832583$

Interest Payable $650$ $ Income Tax Expense $ $13,01613016(2583$ x $\mathrm{.}21)=542$

Wages Payable $1,085$ $ Net Income $ $48,967489672583+542$

Unearned Revenue $1,600$ $

Total Current Liabilities $28,547$ $ Earnings Per Share $ $4\mathrm{.}90489672583+542/10000$

Note Payable $114,000$ $

Bond Payable in $2022$ $ $30,000$ Statement of Changes in Stockholders Equity $2021$

Equity Common Stock $($$$1$ par, $10,000$ shares is $ $10,000$ CS APIC RE AOCI

APIC $20,800$ $ Beginning $10,000$ $ $ $20,800$ $ $47,468$ $ $(422)$

Retained Earnings $92,435$ $ $924353608$Total OCI $125$ $

Accumulated Other Comprehensive Los $ $(297)$ Net Income $ $48,967489672323+488$

Liabilities and Equity $ $295,485$ Dividends $ $(4,000)$

Ending Balance $10,000$ $ $ $20,800$ $ $92,435$ $ $(297)$

Results for $2022$

Sales $ $281,800$ All sales on credit

Inventory Purchases on credit $=191,400$ and ending inventory $$56200($you calculate COGS$)$

Depreciation expense $16,000$ $ not including assets sold, bought or found

Patent purchased in $2018$ and determined to have remaining useful life of $10$ years in $2022$

Wages Expense $27,450$ $ Paid in cash $2,194$ $ additional owed at end of $2022$ this should be the amount in the payable

Insurance policy indicates that $$5,700$ was paid in May $2021$ for $24$ month coverage starting May $12021.$

During $2022$ found an asset purchased and recorded in $2019$ that had not been depreciated $$ cost $6,830$ no salvage $10$ year useful life $($an error$)$

Sold AFS Debt Securities that cost $400$ for $390$ in cash $($$$7$ loss in AOCI recorded previously$)$

Sold equipment that cost $3,000$ with accumulated depreciation of $2,590$ for $$300$ in cash.

Purchased new equipment costing $$6,975$ with $$2,000$ down payment and $10\%$ note payable on December $1,2021($first payment due January $1,2022)$

$10$ year useful life and no salvage

Collections on A$/$R $=278,320$

Payments on A$/$P $=176,500$ all accounts payable deal with inventory

All service agreements sold to customers in $2021$ completed in $2022.$ New service agreements sold for $$2460$ in cash during $202240$ percent of the services provided

during $2022$

Bond terms $$ interest only for $6\mathrm{.}5\%$ paid annually on September $1.$ Firm agreement with a bank signed on December $15$ to refinance bond to a $5$ year note in $2023$

Note Payable $4$ payments of $$3,300$ made March $30,$ June $30,$ Sept $30$ and December $31$ interest of $8\%$ per year $(2\%$ per quarter$)$

Each note payment pays the interest since the last payment with any remaining amount going toward principle

Fair value of remaining AFS Debt Securities $$1,400$

Other Information

Tax rate is $21\%($unlike $2021$ income taxes have not been paid and need to be recorded$)$

Half year convention for depreciation

Required:

$1.$ Show journal entries or T accounts for results of $2022$ operations.

$2.$ Create an income statement including taxes and required EPS disclosures for $2022.$

$3.$ Create a statement of comprehensive income for $2022$

$4.$ Create a statement of changes in stockholders equity for $2022$

$5.$ Create a balance sheet for the end of $2022.$

$6.$ Create a cash flow statement for $2022$ using the indirect method.

$7.$ Show any necessary disclosures for $2021$ that would be needed if both $2021$ and $2022$ were to be reported