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Additional information: 1. Net income for 2022 was $103,300. 2. Depreciation expense was $31,800. 3....

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Accounting

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Additional information: 1. Net income for 2022 was $103,300. 2. Depreciation expense was $31,800. 3. Cash dividends of $42,400 were declared and paid. 4. Bonds payable amounting to $52,700 were redeemed for cash $52,700. 5. Common stock was issued for $41,300 cash. 6. No equipment was sold during 2022. 7. Land was sold for its book value. Sheridan Company Statement of Cash Flows $ Adjustments to reconcile net income to $ Sheridan Company Comparative Balance Sheets December 31 \begin{tabular}{lrr} Assets & 2022 & 2021 \\ Cash & $72,600 & $33,100 \\ Accounts receivable & 85,500 & 70,600 \\ Inventory & 169,500 & 187,200 \\ Land & 72,800 & 100,200 \\ Equipment & 260,700 & 200,900 \\ Accumulated depreciation-equipment & (65,800 & (34,000 \\ \cline { 2 - 2 } Total & $595,300 & $558,000 \\ \hline Liabilities and Stockholders' Equity & & \\ \cline { 2 - 2 } Accounts payable & $35,200 & $47,400 \\ Bonds payable & 151,300 & 204,000 \\ Common stock (\$1 par) & 216,900 & 175,600 \\ \hline Retained earnings & 191,900 & 131,000 \\ \hline Total & $595,300 & $558,000 \\ \hline \end{tabular}

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