Comparative balance sheets for 2021 and 2020 and a statement of income for 2021 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided. Assets METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2021 and 2020 ($ in thousands) Cash Accounts receivable Inventory Land Building Less: Accumulated depreciation Equipment Less: Accumulated depreciation Patent Liabilities Accounts payable Accrued liabilities Lease liability-land Shareholders' Equity Common stock Paid-in capital-excess of par Retained earnings 2021 2020 $ 470 $ 220 530 280 680 395 700 620 800 800 (200) (170) 2,950 2,690 (334) (300) 1,900 2,000 $ 7,496 $ 6,535 780 $ 630 240 215 130 0 2,640 2,500 600 3,106 545 2,645 $ 7,496 $ 6,535 Revenues METAGROBOLIZE INDUSTRIES Income Statement For the Year Ended December 31, 2021 Sales revenue Gain on sale of land Expenses Cost of goods sold ($ in thousands) Depreciation expense-building Depreciation expense-equipment Loss on sale of equipment Amortization of patent Operating expenses Net income $ 3,123 75 $ 3,198 980 30 412 20 100 600 2,142 $ 1,056