At the end of their December 31, 2024 year-end, Smitty's Company Incorporated's financial statements had the following information: Cash Accounts receivable Merchandise inventory Long-term investments Equipment 2024 2023 $243,300 $63,800 $21,700 $24,200 $128,300 $107,900 $31,800 $78,600 $380,100 $223,100 Accumulated depreciation, equipment ($120,100) ($21,300) $685,100 $476,300 Accounts payable $12,100 $8,400 Income taxes payable $23,500 $19,600 Bonds payable $42,200 $50,600 Common shares $136,900 $109,100 Retained earnings $470,400 $288,600 $685,100 $476,300 Sales (all on credit) $609,500 Cost of goods sold $145,500 Depreciation expense $117,900 Other operating expenses $46,300