December 31, 2024 and 2023 2024 2023 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Land Equipment Accumulated depreciation Total assets $113,500 78,800. $125,600. 93,000 97,000 81,800 4,400 2,200 490,000 490,000 798,000 (430,000) 680,000 (272,000) $1,151,700 $1,200,600 Liabilities and Stockholders' Equity Current liabilities: $101,000 6,300 8,400 $86,800 12,600 5,200 105,000 210,000 710,000 221,000 10,000 176,000 $1,151,700 $1,200,600 Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity Additional Information for 2024 1. Net income is $71,000. 2. The company purchases $118,000 in equipment. No equipment was sold. 3. Depreciation expense is $158,000 4. The company repays $105,000 in notes payable 5. The company declares and pays a cash dividend of $26,000.