Current Attempt in Progress The following are comparative balance sheets for Waterway Company. WATERWAY Company Comparative Balance Sheets December 31 Assets 2022 2021 Cash $73,400 $33,100 Accounts receivable 86,000 71.500 Inventory 170,300 186,900 Land 72,600 100,000 Equipment 260,500 199,300 Accumulated depreciation-equipment (65,700) (33,700) Total $597,100 $557,100 Liabilities and Stockholders' Equity Accounts payable $35,300 $46,500 Bonds payable 150,600 204,000 Common stock ($1 par). 216.200 175,500 Retained earnings 195,000 131,100 Total $597,100 $557.100 Additional information: 1. Net income for 2022 was $101,200. 2. 3. 4. Depreciation expense was $32,000. Cash dividends of $37,300 were declared and paid. Bonds payable with a carrying value of $53,400 were redeemed for $53,400 cash 5. Common stock was issued at par for $40,700 cash. 6. No equipment was sold during 2022 A 7. Land was sold for its book value.