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Sage Hill Company Comparative Balance Sheets December 31 Assets 2022 Cash $ 204,000 Accounts receivable 264,000 Inventory 501,000 Land 240.000 Equipment 780,000 Accumulated depreciation-equipment (198,000)

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Sage Hill Company Comparative Balance Sheets December 31 Assets 2022 Cash $ 204,000 Accounts receivable 264,000 Inventory 501,000 Land 240.000 Equipment 780,000 Accumulated depreciation-equipment (198,000) Total $1.791,000 Liabilities and Stockholders' Equity Accounts payable $ 117,000 Bonds payable 450.000 Common stock ($1 par) 648,000 Retained earnings 576,000 Total $1,791,000 2021 $ 66,000 228,000 567.000 300,000 600,000 (96.000) $1,665,000 $ 129,000 600,000 522,000 414,000 $1,6600 Additional information: 1. 2. 3. 4. 5. 6. 7 Net income for 2022 was $279,000. Depreciation expense was $102,000. Cash dividends of $117,000 were declared and paid. Bonds payable amounting to $150,000 were redeemed for cash $150,000. Common stock was issued for $126,000 cash. No equipment was sold during 2022. Land was sold for its book value. Sage Hill Company Statement of Cash Flows For the Year Ended December 31, 2022 Cash Flows from Operating Activities Net Income 279.000 Adjustments to reconcile net income to Cash Flows from Operating Activities Depreciation Ense 102.000 Increase in Accounts Receivable Decree in Inventory Decrease in Accounts Payable Net Cash Provided by Operating Activities Cash Flows from Investing Activities Sale of Land Purchase of Equipment Cassed by investing Activities V Cash Flows from Facing Activities cance of Common Stock 117.000 Redemption Blonds Payment of Cash Dividends NetCash used by France Activities Net Increase in Cash Cash Beginning of Period Cash at End of Period Save for Later Attempts: 0 of 1 used Som

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