Wildhorse Co. Comparative Balance Sheets December 31 2022 Assets 2021 Cash $ 67,760 $ 113,120 122,920 157,500 39.760 Accounts receivable Inventory Prepaid expenses Long-term investments Plant assets Accumulated depreciation Total 193,200 399,000 (70,000) $955,500 53,200 143.990 36,400 152,600 339,500 (72,800) $720,650 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings Total $ 142,800 23.100 154,000 308,000 327,600 $955,500 $ 94,220 29,400 204,400 245.000 147,630 $720,650 $543,844 Wildhorse Co. Income Statement Data For the Year Ended December 31, 2022 Sales revenue Less: Cost of goods sold $189.644 Operating expenses, excluding depreciation 17,374 Depreciation expense 65,100 Income tax expense 38,192 Interest expense 6,622 Loss on disposal of plant assets 10,500 Net income 327.432 $216,412 Additional information: 1 2 New plant assets costing $140,000 were purchased for cash during the year, Old plant assets having an original cost of $80,500 and accumulated depreciation of $67,900 were sold for $2,100 cash. Bonds payable matured and were paid off at face value for cash. A cash dividend of $36,442 was declared and paid during the year. 3 4 Statement of Cash Flows $ Adjustments to reconcile net income to $ > A A