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Following is a statement of cash flows (indirect method) for Hartford Incorporated for the year ended December 31, 2023. Also shown is a partially completed comparative balance sheet as of December 31, 2023 and 2022:

HARTFORD INCORPORATED

Statement of Cash Flows

For the year Ended December 31, 2023

Cash Flows from Operating Activities:
Net income	$ 9,000
Add (deduct) items not affecting cash:
Depreciation expense	45,000
Decrease in accounts receivable	23,000
Increase in Inventory	(7,000)
Increase in notes payable	12,000
Decrease in accounts payable	(6,000)
Net cash provided by operating activities	$ 76,000
Cash Flows from Investing Activities:
Purchase of equipment	$ (50,000)
Purchase of buildings	(48,000)
Net cash used by investing activities	$ (98,000)
Cash Flows from Financing Activities:
Proceeds from short-term debt	$ 5,000
Cash used for retirement of long-term debt	(25,000)
Proceeds from issuance of common stock	10,000
Payment of cash dividends on common stock	(3,000)
Net cash used by financing activities	$ (13,000)
Net decrease in cash for the year	$ (35,000)

Required:

Complete the December 31, 2023 and 2022 balance sheets.

HARTFORD INCORPORATED Comparative Balance Sheets At December 31, 2023 and 2022 2023 2022 Assets: Current assets: Cash $88,000 Accounts receivable 73,000 Inventory 56,000 Total current assets Land 40,000 Buildings and equipment 260,000 Less: Accumulated depreciation (123,000) Total land, buildings and equipment Total assets Liabilities: Current liabilities: Accounts payable $29,000 Short-term debt 32,000 Notes payable 36,000 Total current liabilities Long-term debt $85,000 Stockholders' Equity: Common stock $40,000 Retained earnings Total stockholders' equity Total liabilities and stockholders' equity

Complete the statement of changes in retained earnings for the year ended December 31, 2023. Note: Amounts to be deducted should be indicated by a minus sign.

	HARTFORD INCORPORATED Statement of Changes in Retained Earnings For the Year Ended December 31, 2023 Retained earnings, January 1, 2023 Retained earnings, December 31, 2023

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