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 24,684 28,600 23,996 25,600 Cash Accounts payable Accounts receivable 13,948 16,700 Notes payable 16,000 12,300 27,462 Other nventory 28,600 13,071 19,100 65,406 70,900 53,755 60,000 Tota Tota 84,000 89,000 Long-term debt Owners' equity Common stock and paid-in surplus 60,000 60,000 223,000 Accumulated retained earnings 207,346 Fixed assets Net plant and equipment $339,695 $361,100 $267,346 $283,000 Total $405,101 $432,000 $405,101 $432,000 Total assets Total liabilities and owners' equity SMOLIRA GOLF CORP 2015 Income Statement $376,068 Sales 260,000 Cost of goods sold Depreciation 49,450 656,618 Earnings before interest and taxes Interest paid 15,800 50,818 Taxable income Taxes (20%) 10,164 40,654 Net income 25,000 Dividends Retained earnings 15,654