Use the following information for Questions 4-5: Boxwell Corporation Balance Sheets December 31, 20x2 December 31, 20x1 ASSETS Cash Accounts Receivable Inventories Land Plant & Equipment Less: Accumulated Depreciation Total Assets LIABILITES Accounts Payable Accrued Wages Interest Payable $327,000 $328,000 $420,000 $440,000 $675,000 $506,000 $440,000 $400,000 Ta $1,200,000 $1,200,000 ($240,000) ($200,000) $2,822,000 $2,674,000 $640,000 $660,000 $525,000 $490,000 $8,000 $15,000 Income Tax Payable $7,000 $19,000 Long-term Debt $260,000 $360,000 Total Liabilities $1,440,000 $1,544,000 STOCKHOLDERS' EQUITY Common Stock $886,000 $760,000 Retained Earnings $496,000 $370,000 Total Stockholders' Equity $1,382,000 $1,130,000 Total Liabilities and Equity $2,822,000 $2,674,000 Boxwell Corporation Income Statement For the year ended December 31, 20x2 Sales Gain on the Sale of Land Total Revenue and Gains $1,500,000 $15,000 $1,515,000 Expenses Cost of Goods Sold $650,000 Wages Expense $380,000 Depreciation Expense $40,000 Interest Expense $35,000 Miscellaneous $15,000 Total Expenses $1,120,000 Income Before Income Taxes $395,000 Income Tax Expense $200,000 Net Income $195,000