Comparative balance sheets for 2024 and 2023 and a statement of income for 2024 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided.

METAGROBOLIZE INDUSTRIES
Comparative Balance Sheets
December 31, 2024 and 2023
($ in thousands)
	2024	2023
Assets
Cash	$ 410	$ 150
Accounts receivable	410	220
Inventory	560	365
Land	575	530
Building	900	900
Less: Accumulated depreciation	(200)	(165)
Equipment	2,650	2,330
Less: Accumulated depreciation	(388)	(360)
Patent	1,300	1,600
	$ 6,217	$ 5,570
Liabilities
Accounts payable	$ 660	$ 360
Accrued liabilities	180	130
Lease liabilityland	130	0
Shareholders' Equity
Common stock	3,160	3,000
Paid-in capitalexcess of par	500	495
Retained earnings	1,587	1,585
	$ 6,217	$ 5,570

METAGROBOLIZE INDUSTRIES
Income Statement
For the Year Ended December 31, 2024
($ in thousands)
Revenues
Sales revenue	$ 2,551
Gain on sale of land	45	$ 2,596
Expenses
Cost of goods sold	860
Depreciation expensebuilding	35
Depreciation expenseequipment	244
Loss on sale of equipment	10
Amortization of patent	300
Operating expenses	550	1,999
Net income		$ 597

Additional information from the accounting records:

1. Annual payments of $20,000 on the finance lease liability are paid each January 1, beginning in 2024.
2. During 2024, equipment with a cost of $240,000 (90% depreciated) was sold.
3. The statement of shareholders equity reveals reductions of $165,000 and $430,000 for stock dividends and cash dividends, respectively.