! Required information Balance Sheets For the Years Ended December 31 Year Increase (Decrease) 2024 2023 Amount % Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investment in bonds Land Equipment $ 191,200 $ 105,000 $ 86,200 76,800 42,000 34,800 79,200 105,600 (26,400) 9,600 4,800 4,800 122,400 15,500 106,900 202,400 212,400 (10,000) 165,600 161,400 4,200 Less: Accumulated depreciation (47,200) (31,200) (16,000) Total assets $ 800,000 $ 615,500 $ 184,500 Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable $ 77,600 $ 79,200 (1,600) 24,000 12,000 12,000 23,200 19,200 4,000 Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock 232,800 169,800 63,000 192,000 192,000 0 Retained earnings 250,400 143,300 107,100 Total liabilities and stockholders' equity $ 800,000 $ 615,500 $ 184,500 1