Assume you are a financial analyst reviewing the financial statements of LMN Corporation for the fiscal year ending December 31, 2023. Your task is to analyze the company's financial position and performance and address specific accounting issues.

Given the following financial data for LMN Corporation:

• Total assets: $180,000,000
• Total liabilities: $120,000,000
• Total equity: $60,000,000
• Net income for the year: $7,500,000
• Cash and cash equivalents: $25,000,000
• Accounts receivable: $30,000,000
• Inventory: $35,000,000
• Property, plant, and equipment: $90,000,000
• Long-term debt: $80,000,000
• Accounts payable: $40,000,000
• Accrued expenses: $10,000,000
• Revenue for the year: $300,000,000
• Cost of goods sold: $120,000,000
• Operating expenses: $70,000,000
• Income tax expense: $12,500,000