es Presented below are the 2021 income statement and comparative balance sheets for Santana Industries. SANTANA INDUSTRIES Income Statement For the Year Ended December 31, 2021 ($ in thousands) Sales revenue Service revenue Total revenue $14,850 4,000 $18,850 Operating expenses: Cost of goods sold Selling expense 7,500 2,700 General and administrative expense 1,800 Total operating expenses. 12,000 Operating income 6,850 Interest expense 180 Income before income taxes 6,670 Income tax expense 1,900 Net income $ 4,770 Balance Sheet Information ($ in thousands) Assets: Cash Accounts receivable Dec. 31, 2021 Dec. 31, 2020 $ 8,600 3,100 $ 2,470 2,500 Inventory Prepaid rent Equipment Less: Accumulated depreciation Total assets Liabilities and Shareholders' Equity: Accounts payable Interest payable Deferred revenue Income taxes payable Notes payable (due 12/31/2023) Common stock Retained earnings Total liabilities and shareholders' equity Additional information for the 2021 fiscal year ($ in thousands): 1. Cash dividends of $1,300 were declared and paid. 2. Equipment costing $4,600 was purchased with cash. 4,600 3,300 180 360 15,100 12,600 (5,400) (4,800) $26,180 $16,430 $ 2,000 $ 1,400 130 e 860 630 580 860 5,600 10,300 10,300 6,710 3,248 $26,180 $16,430