December 31 2023 2024 Cash $42,000 $50,300 Accounts Receivable (net) 84,000 150,000 Inventory 168,000 206,700 Land 58,800 20,900 Equipment 504,000 789,600 Accumulated Depreciation 84,000 124,300 TOTAL $772,800 $1,093,200 Accounts Payable 50,400 95,700 Accrued Liabilities 67,200 33,600 Notes Payable Long-term 168,000 302,400 Common Stock 420,000 487,200 Retained Earnings TOTAL 67,200 $772,800. 174,300 $1,093,200 Additional data for 2024: 1. Net income was $186,900. 2. Depreciation was $40,300. 3. Land was sold at its original cost. 4. Dividends of $79,800 were paid. 5. Equipment was purchased for $84,000 cash. 6. A long-term note for $201,600 was used to pay for an equipment purchase 7 Common stock was issued to pay a $67,200 long-term note payable