Presented here are the comparative balance sheets of Hames Incorporated at December 31, 2023 and 2022. Sales for the year ended December 31, 2023, totaled $1,700,000. HAMES INCORPORATED Balance Sheets December 31, 2023 and 2022 Assets Cash Accounts receivable Merchandise inventory Total current assets Land Plant and equipment Less: Accumulated depreciation Total assets Liabilities Short-term debt Accounts payable Other accrued liabilities Long-term debt Total current liabilities Total liabilities Stockholders' Equity Common stock, no par, 200,000 shares authorized, 80,000 and 50,000 shares issued, respectively Retained earnings: Beginning balance Net income for the year 2023 $ 63,000 285,000 261,000 $ 609,000 109,000 375,000 (195,000) $ 898,000 $ 54,000 168,000 68,000 $ 290,000 56,000 $ 346,000 $224,000 $ 286,000 102,000 (60,000) $ 328,000 $ 552,000 Dividends for the year Ending balance Total liabilities and Stockholders' equity $ 898,000 Total stockholders' equity 2022 $ 57,000 266,000 247,000 $570,000 82,000 330,000 (180,000) $ 802,000 $51,000 144,000 54,000 $ 249,000 105,000 $354,000 $ 162,000 $217,000 84,000 (15,000) $286,000 $ 448,000 $ 802,000