Income statement and balance sheet data for Great Adventures, Inc., are provided below. GREAT ADVENTURES. INC Income Statement or the Year Ended December 31. 2017 Revenues Service revenue (clinic, racIng. TEAM) $533,000 Sales revenue (MU watches) 108.000 $641,000 Total revenues Expenses Cost of goods sold (MU watches) 65.000 Operating expenses 303.776 Depreclation expense 45.000 Interest expense 29, 224 Income tax expense 54,000 Total expenses 497000 $144,000 Net Income GREAT ADVENTURES, INC Balance Sheet December 31, 2017 and 2016 Increase or 2017 2016 Decrease (D) Assets Current assets: 289,666 133,000 56,666 (I) Cash Accounts recelvable 37500 30.000 7500 Inventory 16,250 13.500 2,750 Other current assets 12,250 0,500 1750 Long-term assets Land 450.000 450.000 1,000,000 0 1,000,000 Buildings Equipment 60.000 60.000 Less: Accumulated depreclation 69,000 24,000 45,000 $1,796,666 223,000 Total assets itles and Stockholders' Equity Llab Current liab tles $11,250 $8.500 2,750 Accounts payable Interest payable 700 700 35,500 8,500 (l) Income tax payable 54,000 Long-term liabilities Notes payable 439.916 27500 412,416 Stockholders' equity: Common stock 20,000 100,000 20.000 Pald-In Capital 106.000 06.000 Retained earnings 60.800 30.800 30,000 (l) Treasury Stock 96,000 96,000 Total ab ltles and stockholders' equity $1,796,666 223,000