Use the following tables for the next several problems. $($Note: these tables are also available in a word document in the Solved Textbook Problems Module$)$

$2022$ Income Statement:

Sales revenue

$600,000$

Cost of goods sold

$240,000$

Fixed Costs

$50,000$

Selling, General, and Admin Expenses

$30,000$

Depreciation

$50,000$

$2021$ Balance Sheet:

$\backslash$table$[[$Assets$,$Liabilities,$],[$Cash$,60,000,$Notes Payable,$30,000],[$Accounts Receivable,$40,000,$Accounts Payable,$40,000],[$Inventories$,20,000,$Long$-$Term Debt,$150,000],[$Fixed Assets,$300,000,$Owner's Equity,$],[$Accumulated Depreciation,$100,000,$Retained Earnings,$60,000],[$Intangible Assets,$50,000,$Common Stock,$120,000]]$

$2022$ Balance Sheet:

$\backslash$table$[[$Assets$,$Liabilities,$],[$Cash$,80,000,$Notes Payable,$50,000],[$Accounts Receivable,$50,000,$Accounts Payable,$40,000],[$Inventories$,40,000,$Long$-$Term Debt,$180,000],[$Fixed Assets,$400,000,$Owner's Equity,$],[$Accumulated Depreciation,,$150,000,$Retained Earnings,?????