Some recent financial statements for Smolira Golf Corp. follow. 2018 Assets 2017 Current assets Cash $ 34,385 Accounts receivable 17,801 Inventory 36,310 SMOLIRA GOLF CORP. 2017 and 2018 Balance Sheets Liabilities and Owners' Equity 2018 2017 Current liabilities $ 37,837 &nbsAccounts payable $ 36,722 27,766 Notes payable 19,008 42,632 Other 19,864 $ 42,582 16,200 24,634 Total $ 88,496 $108,235 Total $ 75,594 $ 83,416 Long-term debt $ 115,000 $ 145,000 Owners' equity Common stock and paid-in surplus Accumulated retained earnings $ 55,000 $ 55,000 307,217 344,452 Net plant and equipment $464,315 $ 519,633 Total $362,217 $399,452 Total assets $552,811 $627,868 Total liabilities and owners' equity $552,811 $627,868 SMOLIRA GOLF CORP. 2018 Income Statement Sales Cost of goods sold Depreciation $506,454 359,328 44,463