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 $39,300 61,160 18,050 8,780 15,300 $180,870 280 142,590 $ 38,560 GREAT ADVENTURES, INC. Balance Sheets December 31, 2022 and 2021 Assets Current assets: Cash Accounts receivable Inventory Other current assets 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) Stockholders' equity: Common stock Paid-in capital Retained earnings Treasury stock Total liabilities and stockholders' equity 2022 2021 $ 248,936 $ 64,660 49,040 0 8,600 0 1,060 5,140 660,000 0 840,000 78,480 48,000 (26,850) (8,400) $1,859,266 $109,400 22,400 $ 3,120 1,150 15,300 830 14,160 25,800 0 64,178 623,348 31,600 136,000 25,440 1,049,600 0 59,490 34,250 (138,000) 0 $1,859,266 $109,400 As you can tell from the financial statements, 2022 was an especially busy year. Tony and Suzie were able to use the money received from borrowing and the issuance of stock to buy land and begin construction of cabins, dining facilities, ropes course, and the outdoor swimming pool. They even put in a baby pool to celebrate the birth of their first child.