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 24,136 25,000 24,084 28,000 Cash Accounts payable Notes payable Accounts receivable 13,348 16,100 19,000 11,700 Inventory 26,722 28,000 Other 12,471 18,300 69,100 64,206 55,555 58,000 Total Total 78,000 89,000 Long-term debt Owners' equity Common stock and paid-in surplus 60,000 60,000 Accumulated retained earnings 204,346 226,000 Fixed assets $264,346 $286,000 Net plant and equipment $333,695 $363,900 Total $397,901 $397,901 $433,000 $433,000 Total assets Total liabilities and owners' equity SMOLIRA GOLF CORP 2015 Income Statement $383,818 Sales Cost of goods sold 257,000 Depreciation 48,300 Earnings before interest and taxes 78,518 Interest paid 15,200 Taxable income 63,318 Taxes (20%) 12,664 50,654 Net income 29,000 Dividends 21,654 Retained earnings