Net sales PETERSON INCORPORATED Income Statement For the Year Ended December 31, 2024 Gain on sale of land Total revenues Expenses: Cost of goods sold Operating expenses Depreciation expense Interest expense Income tax expense Total expenses Net income $1,590,000 $2,480,000 4,000 2,484,000 603,000 21,000 22,000 68,000 2,304,000 $180,000 PETERSON INCORPORATED Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investments Land Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Balance Sheets December 31 Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity Additional Information for 2024: 2024 2023 $183,520 73,200 $127,640 88,000 142,000 133,000 3,288 5,160 183,000 100,000 209,000 258,000 226,000 208,000 (125,000) (104,000) $895,000 $815,800 $29,000 $86,000 3,800 27,200 2,880 30,000 255,000 237,000 328,000 280,000 252,000 180,000 $895,000 $815,800 1. Purchased additional investment in stocks for $83,000 2. Sold land for $53,000. The land originally was purchased for $49,000, resulting in a $4,000 gain being recorded at the time of the sale. 3. Purchased $18,000 in equipment by issuing a $18,000 long-term note payable to the seller. No cash was exchanged in the transaction. 4. Declared and paid a cash dividend of $108,000. 5. Issued common stock for $48,000.