LIABILITIES AND EQUITY Current liabilities: Accounts payable $0 $0 Accruals $11,719 $0 Notes payable $66,406 $62,500 Total current liabilities $78,125 $62,500 Long-term bonds $234,375 $187,500 Total debt $312,500 $250,000 Common equity: Common stock $609,375 $487,500 Retained earnings $328,125 $262,500 Total common equity $937,500 $750,000 Total liabilities and equity $1,250,000 $1,000,000 Cold Goose's accumulated owed financial obligations decreased from Year 1 to Year 2. This statement is false because: Accruals actually increased from $0 in Year 1 to $11,719 at the end of Year 2. The accounts payable account remained $0 for both Years 1 and 2. Olong-term bonds decreased from $66,406 at the end of Year 1 to $62,500 by the end of Year 2. O Notes payable actually increased from $66,406 to $62,500 between Years and 2. TOTAL SCORE: 1/5 Grade Step 2 (to complete this step and unlock the next step)