! Required information Great Adventures Problem AP12-1 [The following information applies to the questions displayed below.] Income statement and balance sheet data for Great Adventures, Inc., are provided below. GREAT ADVENTURES, INC. Income Statement For the year ended December 31, 2022 Net sales revenues Interest revenue $193,410 400 Expenses: Cost of goods sold $39,900 Operating expenses 68,480 Depreciation expense 18,650 Interest expense 10,276 Income tax expense 15,900 Total expenses 153,206 Net income $ 40,604 Assets GREAT ADVENTURES, INC. Balance Sheets December 31, 2022 and 2021 2022 2021 Current assets: Cash Accounts receivable Inventory Other current assets Long-term assets: Land Buildings Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Other current liabilities $ 300,210 $ 64,780 50,120 0 9,800 0 1,180 5,620 780,000 0 870,000 0 90,840 54,000 (28,050) (8,700) $2,074,100 $115,700 $ 23,600 $ 3,360 1,450 15,900 29,400 890 14,280 0 Notes payable (current) 76,301 0 Notes payable (long-term) 733,955 32,800 Stockholders' equity: Common stock 148,000 29,520 Paid-in capital Retained earnings 1,158,800 0 60,694 34,850 Treasury stock (174,000) 0 Total liabilities and stockholders' equity $2,074,100 $115,700 As you can tell from the financial statements, 2022 was an especially busy year. Tony and Suzie were able to use the money received from borrowing and the issuance of stock to buy land and begin construction of cabins, dining facilities, ropes course, and the outdoor swimming pool. They even put in a baby pool to celebrate the birth of their first child.