Vaughn Manufacturing reported the following information for 2022. Vaughn Manufacturing Comparative Balance Sheets December 31 Assets 2022 2021 Change Increase/Decrease Cash $48,300 Increase Accounts receivable 84,000 Increase Inventory 92,400 Increase Prepaid expenses 4,200 Increase 31,500 Decrease Land $123,900 $75,600 130,200 46,200 92,400 -O- 12,600 8.400 115,500 147,000 420,000 420,000 (44,100) (29,400) 384,300 142,800 (58,800) (21,000) $1,176,000 $789,600 Buildings -O- Accumulated depreciation-buildings Equipment 14,700 Increase 241,500 Increase 37,800 Increase Accumulated depreciation-equipment Totals Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable $90,300 0 210,000 $84,000 21,000 315,000 $6,300 Increase 21,000 Decrease 105,000 Decrease Bonds payable Common stock ($1 par) 483,000 392,700 126,000 243,600 357,000 Increase 149,100 Increase Retained earnings Totals $1,176,000 $789,600 Vaughn Manufacturing Income Statement For the Year Ended December 31, 2022 Sales revenue $1,976,100 Cost of goods sold $997.500 Operating expenses 485,100 Interest expense 25,200 Loss on disposal of equipment 4.200 1.512,000 Income before income taxes 464,100 Income tax expense 136,500 Net income $327,600 Additional information: 1. Operating expenses include depreciation expense of 584,000. 2. Land was sold at its book value for cash. 3. Cash dividends of $178,500 were declared and paid in 2022 4. Equipment with a cost of $348.600 was purchased for cash. Equipment with a cost of $107,100 and a book value of $75,600 was sold for $71.400 cash