Presented below is the 2024 income statement and comparative balance sheet information for Tiger Enterprises. TIGER ENTERPRISES Income Statement For the Year Ended December 31, 2024 ($ in thousands) Sales revenue Operating expenses: $ 8,000 Cost of goods sold $ 3,600 Depreciation expense Insurance expense General and administrative expense Total operating expenses Income before income taxes 260 200 2,000 6,060 1,940 Income tax expense (776) Net income Balance Sheet Information ($ in thousands) December 31, 2024 $ 1,164 December 31, 2023 Assets: Cash Accounts receivable $ 340 760 $ 220 850 Inventory 670 620 Prepaid insurance 70 30 Equipment 2,300 1,900 Total assets Less: Accumulated depreciation Liabilities and Shareholders' Equity: Accounts payable Accrued liabilities (for general & administrative expense) Income taxes payable Notes payable (due 12/31/2025) Common stock Retained earnings Total liabilities and shareholders' equity (880) (620) $ 3,260 $ 3,000 $ 310 $ 380 310 420 210 170 920 700 940 820 570 510 $ 3,260 $ 3,000