Some recent financial statements for Smolira Golf Corp. follow. SMOLIRA GOLF CORP 2014 and 2015 Balance Sheets Assets Liabilities and Owners' Equity 2014 2015 2014 2015 Current assets Current liabilities 24.076 24,400 23,484 27,400 Cash Accounts payable Accounts receivable 2,748 5.500 Notes payable 3.000 1,100 27,400 17,500 Inventory 25,742 Other 11,871 48,355 56,000 62,566 67,300 Total Total Long-term debt 72,000 84,000 Owners' equity Common stock and paid n surplus 45,000 45,000 224,906 Accumulated retained earnings 245.000 Fixed assets $269,906 $290,000 Net plant and equipment $327,695 $362,700 Total Total assets $390,261 $430,000 Total liabilities and owners' equity $390,261 $430,000 SMOLIRA GOLI CORP. 2015 Income Statement $378,618 Sales 254,000 Cost of goods sold Depreciation 56,150 68,468 Earnings before interest and taxes Interest paid 4.600 Taxable income 53,868 Taxes (20%) 0,774 43,094 Net income $23,000 Dividends Retained earnings 20.094