The income statement of Sandhill Co. is presented here. Sandhill Co. Income Statement For the Year Ended November 30, 2022 Sales revenue $7,668,300 Cost of goods sold Beginning inventory $1,904,300 Purchases 4,482,600 Goods available for sale 6,386,900 Ending inventory 1,584,800 Total cost of goods sold 4,802,100 Gross profit 2,866,200 Operating expenses Selling expenses 450,100 Administrative expenses 713,000 1,163,100 Net income $1,703,100 Additional information: 1. Accounts receivable decreased $375,000 during the year, and inventory decreased $319,500. 2. Prepaid expenses increased $147,000 during the year. 3. Accounts payable to suppliers of merchandise decreased $343,500 during the year. 4. Accrued expenses payable decreased $100,700 during the year. 5. Administrative expenses include depreciation expense of $108,000. Sandhill Co. Partial Statement of Cash Flows Adjustments to reconcile net income to