Income statement and balance sheet data for The Athletic Attic are provided below. THE ATHLETIC ATTIC Income Statements For the Years Ended December 31 Net sales Cost of goods sold Gross profit Expenses: Operating expenses Depreciation expense Interest expense Income tax expense Total expenses Net income Assets Current assets: Cash Accounts receivable Inventory Supplies Long-term assets: Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings 2025 $ 11,100,000 2024 $ 9,550,000 7,250,000 3,850,000 5,900,000 3,650,000 1,650,000 1,600,000 200,000 200,000 45,000 460,000 2,355,000 $ 1,495,000 45,000 400,000 2,245,000 $ 1,405,000 THE ATHLETIC ATTIC Balance Sheets December 31 Total liabilities and stockholders' equity 2025 2024 2023 $ 230,000 995,000 1,730,000 135,000 1,300,000 (650,000) $ 3,740,000 $ 159,000 745,000 1,360,000 105,000 1,300,000 (450,000) $ 3,219,000 $ 214,000 765,000 1,030,000 80,000 1,300,000 (250,000) $ 3,139,000 $ 189,500 4,500 45,000 $ 120,000 $ 100,500 0 4,500 40,000 35,000 550,000 550,000 550,000 650,000 2,301,000 $ 3,740,000 $ 3,219,000 650,000 1,859,000 650,000 1,799,000 $ 3,139,000