Cullumber Inc. Statement of Financial Position December 31 Assets 2024 2023 Cash $93,100 $48,200 Accounts receivable 79,800 36,800 Inventory 131,000 102,000 Estimated inventory returns 1,760 1,100 Long-term investments 93,700 106,000 Equipment 289,000 205,000 Accumulated depreciation (48,900) (39,700) Total assets $629,460 $459,400 Liabilities and Shareholders' Equity Accounts payable $63,500 $48,400 Property tax payable 11,300 17,900 Refund liability 970 660 Bank loan payable-current portion 127,000 60,200 Bank loan payable-non-current portion 14,000 10,000 Common shares 241,000 202,000 Retained earnings 171,690 120,240 Total liabilities and shareholders' equity $629,460 $459,400 Sales Cost of goods sold Grass profit Operating expenses Cullumber Inc. Statement of Income Year Ended December 31, 2024 $318,000 100,100 217,900 82,800 135,100 Income from operations Other income and expenses Interest expense $12,900 Realized loss on sale of long-term investments 7,500 20,400 Income before income tax 114,700 Income tax expense 27,390 Net income $87,310