Some recent financial statements for Smolira Golf Corp. follow. SMOLIRA GOLF CORP 2014 and 2015 Balance Sheets Liabilities and Owners' Equity Assets 2014 2015 2014 2015 Current assets Current liabilities 24,384 28,300 Cash 23,066 25,300 Accounts payable Accounts receivable 13,648 16.400 Notes payable 14.000 12.000 Inventory 27, 152 28.300 Other 12,771 19.700 63,866 70,000 51,155 60,000 Total Total Long-term debt 81,000 90,000 Owners' equity Common stock and paid-in surplus 55,000 55,000 229,000 Accumulated retained earnings 213.406 Fixed assets $268,406 Net plant and equipment $336,695 $364,000 Total $284,000 Total assets Total liabilities and owners' equity $400,561 $434,000 $400,561 $434,000 SMOLIRA GOLF CORP 2015 Income Statement $333,706 Sales Cost of goods sold 215.200 Depreciation 49,300 69,206 Earnings before interest and taxes Interest paid 15.500 Taxable income 53,706 Taxes (30%) 16.112 37,594 Net income Dividends $22,000 15,594 Retained earnings