Some recent financial statements for Smolira Golf Corp. follow. SMOLIRA GOLF CORP 2017 and 2018 Balance Sheets Assets Liabilities and Owners' Equity 2018 39,124 29,026 43.192 2017 2017 2018 Current assets Current liabilities Cash Accounts 35,785 $ 39,182 43,282 17,250 25,754 $ 80,714 86,286 $122,000 188,105 Accounts payable Notes payable Other 18,501 20,408 receivable Inventory 4,030 21,124 $58,316 111,342 Total Long-term debt Owners' equity Common stock and paid-in 56,400 56,400 surplus Accumulated retained 265,017 302,284 earnings Fixed assets Net plant and $465,815 521,733 Total $ 321,417 $358,684 equipment Total liabilities and owners equity Total assets 524,131 $633,075 524,131 $633,075 SMOLIRA GOLF CORP 2018 Income Statement Sales Cost of goods sold Depreciation 513,454 364,228 46,213 Earnings before interest $103,013 and taxes Interest paid 21,083 Taxable income Taxes (24%) $ 81,930 19,663 Net income 62,267