Additional information about transactions and events occurring in 2025 follows:
	Dividends of $55,000 were declared and paid.
	Accounts payable and accounts receivable relate solely to purchases and sales of inventory. Prepaid items related only to advertising expenses.
	The decrease in land resulted from the sale of a parcel at a $45,000 loss. No land was purchased during the year. Equipment was purchased during the year in exchange for a promissory note payable. No equipment was sold.
	The increase in paid-in capital resulted from issuing additional shares for cash.
	The income statement for the year ending December 31, 2025, included the following key amounts:

Rhonda MacDonald presented the following comparative balance sheet: RHONDA MACDONALD CORPORATION Comparative Balance Sheet December 31, 2025 and 2024 2025 2024 $ $ 9,000 Assets Current assets Cash Accounts receivable Inventories Prepaid expenses Total current assets Property, plant, & equipment Land Building Equipment 664,000 375,000 150,000 35,000 1,224,000 345,000 160,000 25,000 539,000 $ $ $ $ $ $ $ 300,000 700,000 530,000 1,530,000 (300,000) 1,230,000 2,454,000 $ 400,000 700,000 450,000 1,550,000 (270,000) 1,280,000 1,819,000 Less: Accumulated depreciation Total property, plant, & equipment Total assets $ $ $ $ $ $ $ 119,000 Liabilities Current liabilities Accounts payable Interest payable Total current liabilities Long-term liabilities Long-term note payable Total liabilities 112,000 2,000 114,000 $ $ 119,000 80,000 $ 194,000 $ 119,000 $ $ Stockholders' equity Common stock ($1 par) Paid-in capital in excess of par Retained earnings Total stockholders' equity Total liabilities and equity 700,000 800,000 760,000 600,000 400,000 700,000 $ $ 1,700,000 2,260,000 2,454,000 $ $ 1,819,000 $ Sales Cost of goods sold Salaries expense Advertising expense Depreciation expense Utilities expense Interest expense Loss on sale of land Income tax expense Net income 2,000,000 1,200,000 400,000 150,000 30,000 15,000 5,000 45,000 40,000 115,000 Statement of Cash Flows For the Year Ending December 31, 2025 Cash flows from operating activities: Adjustments to net income: $ Cash flows from investing activities: $ Cash flows from financing activities: $ Net increase in cash Cash balance at January 1, 2025 Cash balance at December 31, 2025 $ Noncash investing/financing activities