Great Adventures Problem AP12-1 [The following information applies to the questions displayed below.] Income statement and balance sheet data for Great Adventures, Inc., are provided below. GREAT ADVENTURES, INC. Income Statement For the year ended December 31, 2022 Net sales revenues Interest revenue $187,140 340 Expenses: Cost of goods sold Operating expenses Depreciation expense Interest expense Income tax expense Total expenses Net income Assets Current assets: Cash Accounts receivable Inventory Other current assets Long-term assets: Land Buildings $39,600 64,820 18,350 9,528 15,600 147,898 $ 39,582 GREAT ADVENTURES, INC. Balance Sheets December 31, 2022 and 2021 Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Other current liabilities 2022 2021 $ 274,574 $ 64,720 49,580 0 9,200 0 1,120 5,380 720,000 0 855,000 84,660 51,000 (27,450) (8,550) $1,966,684 $112,550 $ 23,000 1,300 15,600 $3,240 860 14,220 27,600 H