Current Attempt in Progress Presented here are the financial statements of Pina Colada Company Pina Colada Company Comparative Balance Sheets December 31 Assets 2022 Cash $36,900 Accounts receivable 32.100 2021 $19.500 18,600 30,000 20,300 Inventory Property, plant, and equipment 59,600 78,000 (29,600) (23,200) Accumulated depreciation Total $129,000 $113,200 $28,200 $16,500 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock 7,100 8,500 26,700 32,400 17.500 13.800 Retained earnings 49,500 42.000 Total $129,000 $113,200 Pina Colada Company Income Statement For the Year Ended December 31, 2022 Sales revenue $241,300 Cost of goods sold 176,400 Gross profit 64.900 Selling expenses $18,375 Administrative expenses 6,125 24,500 Income from operations 40.400 3,800 36,600 Interest expense Income before income taxes Income tax expense Net income 7,320 $29,280 Additional data: 1. 2. . 3. Depreciation expense was $16,000. Dividends declared and paid were $21,780. During the year equipment was sold for $8.800 cash. This equipment cost $18,400 originally and had accumulated depreciation of $9,600 at the time of sale. Bonds were redeemed at their carrying value. Common stock was issued at par for cash. 4. 5. Pina Colada Company Statement of Cash Flows - Indirect Method $ Adjustments to reconcile net income to