After completing the cash budget and income statement for his client, Kingbird's Fortress, Emil needed to organize his thoughts and tie it all back to the balance sheet so his client could submit pro forma financial statements to the bank. Emil had access to last year's balance sheet, along with his previous work on the client's budgeted income statement and cash budget, as follows. Kingbird's Fortress Balance Sheet December 31, 2024 Kingbird's Fortress Balance Sheet December 31, 2025 Assets Adjustments Assets Current assets Debits Credits Current assets Cash $12,500 Accounts receivable 8,800 Cash Accounts receivable DM Inventory 4,000 DM Inventory FG Inventory 18,200 FG Inventory Total current assets 43,500 Total current assets Long-term assets Property, plant, and equipment 436,000 Less: Accumulated depreciation (148,000) Total long-term assets 288,000 Long-term assets Property, plant, and equipment Less: Accumulated depreciation Total long-term assets Total assets $331,500 Total assets