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Portions of the financial statements for Parnell Company are provided below.

PARNELL COMPANY

Income Statement

For the Year Ended December $31,2024$

$($$ in thousands$)$

Revenues and gains:

Sales $ $830$

Gain on sale of building $11$ $ $841$

Expenses and loss:

Cost of goods sold $ $315$

Salaries $123$

Insurance $43$

Depreciation $126$

Interest expense $53$

Loss on sale of equipment $13673$

Income before tax $168$

Income tax expense $84$

Net income $ $84$

PARNELL COMPANY

Selected Accounts from Comparative Balance Sheets

December $31,2024$ and $2023$

$($$ in thousands$)$

Year Change

$20242023$

Cash $ $140$ $ $97$ $ $43$

Accounts receivable $330213117$

Inventory $318431(113)$

Prepaid insurance $6394(31)$

Accounts payable $216114102$

Salaries payable $1089018$

Deferred tax liability $665511$

Bond discount $187206(19)$