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 Expenses: Cost of goods sold Operating expenses Depreciation expense Interest expense Income tax expense Total expenses Net income $189,230 360 $39,700 66,040 18,450 9,777 15,700 149,667 $ 39,923 Assets Current assets: Cash Accounts receivable Inventory Other current assets GREAT ADVENTURES, INC. Balance Sheets December 31, 2022 and 2021 2022 2021 Long-term assets: Land Buildings Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Other current liabilities Notes payable (current) Notes payable (long-term) $ 283,118 49,760 9,400 $ 64,740 0 0 1,140 5,460 740,000 0 860,000 0 86,720 52,000 (27,650) (8,600) $2,002,488 $113,600 $ 23,200 1,350 15,700 $ 3,280 870 14,240 28,200 0 72,259 0 697,086 32,400