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 Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable $141,800 77,600 $154,300 91,500 79,100 1,900 94,000 3,800 475,000 774,000 (427,000) $1,139,200 475,000 665,000 (266,000) $1,200,800 $98,000 6,900 $84,100 13,800 7,800 4,900 115,000 230,000 695,000 695,000 216,500 173,000 $1,139,200 $1,200,800 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 $68,000. 2. The company purchases $109,000 in equipment. No equipment was sold. 3. Depreciation expense is $161,000. 4. The company repays $115,000 in notes payable. 5. The company declares and pays a cash dividend of $24,500.