Chapter 12 assignment Question 3 of 4 View Policies Current Attempt in Progress Shown below are comparative balance sheets for Sage Hill Company. Sage Hill Company Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Land Equipment 2022 2021 $204,000 $66,000 264,000 228,000 501,000 567,000 240,000 300,000 780,000 600,000 Accumulated depreciation-equipment (198,000) (96,000) Total $1,791,000 $1,665,000 Liabilities and Stockholders' Equity Accounts payable $117,000 $129,000 Bonds payable 450,000 600,000 Common stock ($1 par) 648,000 522,000 Retained earnings 576,000 414,000 Total $1,791,000 $1,665,000 Additional information: 1. Net income for 2022 was $279,000. 2. Depreciation expense was $102,000. 3. Cash dividends of $117,000 were declared and paid. -/30 E