Presented below are the 2021 income statement and comparative balance sheets for Santana Industries. $18,050 SANTANA INDUSTRIES Income Statement For the Year Ended December 31, 2021 ($ in thousands) Sales revenue $ 14,450 Service revenue 3,600 Total revenue Operating expenses: Cost of goods sold 7, 300 Selling expense 2,500 General and administrative expense 1,600 Total operating expenses Operating income Interest expense Income before income taxes Income tax expense Net income 11,400 6,650 160 6,490 1.700 $ 4,790 Dec. 31. 2021 Dec. 31, 2020 Balance Sheet Information ($ in thousands) Assets: Cash Accounts receivable Inventory $ 8,400 2,700 4,200 $ 2,290 2,300 3, 100 0 Dec. 31, 2021 Dec. 31, 2020 Balance Sheet Information ($ in thousands) Assets: Cash Accounts receivable Inventory Prepaid rent Equipment Less: Accumulated depreciation Total assets Liabilities and Shareholders' Equity: Accounts payable Interest payable Deferred revenue Income taxes payable Notes payable (due 12/31/2023) Common stock Retained earnings Total liabilities and shareholders' equity $ 8,400 2,700 4,200 160 14,700 (5,200 $24,960 $ 2,290 2,300 3,100 320 12,200 (4,600) $15, 610 k ces $ 1,200 @ 610 820 $ 1,600 110 820 560 5, 200 10, 100 6,570 $24,960 10,100 2,880 $15, 610 Additional information for the 2021 fiscal year ($ in thousands): 1. Cash dividends of $1,100 were declared and paid. 2. Equipment costing $4,200 was purchased with cash. 3. Equipment with a book value of $600 (cost of $1,700 less accumulated depreciation of $1,100) was sold for $600. 4. Depreciation of $1,700 is included in operating expenses.