Income statement and balance sheet data for Great Adventures, Inc., are provided below. GREAT ADVENTURES, INC. Income Statement For the Year Ended December 31, 2017 Revenues: Service revenue (clinic, racing, TEAM) Sales revenue (MU watches) $543,000 118,000 Total revenues $661,000 Expenses Cost of goods sold (MU watches) Operating expenses Depreclation expense Interest expense Income tax expense 70,000 304,276 50,000 57,000 Total expenses 511,000 Net Income $150,000 GREAT ADVENTURES, INC. Balance Sheet December 31, 2017 and 2016 Increase () or Decrease (D) 2017 2016 Assets Current assets: $ 322,362 45,000 17,000 13,000 $ 138,000 184,362 () Cash Accounts recelvable Inventory Other current assets 500 10,000 () 2,000 () 500,000 () 01,000,000 () (25,250 50,000 () 14,000 11,000 Long-term assets Land Buldings Equipment 500,000 1,000,000 65,000 (75,250) 65,000 Less: Accumulated depreclation Total assets $ 1,887112 $ 237,750 Liablities and Stockholders' Equity Current labilities: $12,000 57,000 492,362 $9,000 Accounts payable Interest payable Income tax payable 3,000 () 38,000 19,000 () 0,000 462,362 () Long-term liabilities Notes payable Stockholders' equity: Common stock Pald-In capital Retalned earnings Treasury stock 120,000 105,000 175,000 (75,000) 20,000 100,000 () 0 1105,000 () 40,000 35,000 (U) 0 (75,000) () Total labilities and stockholders' equity $ 1,887112 $ 237,750 As you can tell from the financial statements, 2017 was an especially busy year. Tony and Suzie were able to use the $1.2 mllion recelved from the issuance of 100,000 shares of stock and hire a construction company for $1 millon to build the cablns, dining faclilitles, ropes course, and the outdoor swimming pool. They even put In a baby pool to celebrate the blrth of thelr firstborn son, lttle Venture Matheson. Assume all sales and services are on credit