Some recent financial statements for Smolira Golf, Inc., follovw SMOLIRA GOLF, INC Balance Sheets as of December 31, 2015 and 2016 2015 2016 2015 2016 Assets Liabilities and Owners' Equity Current assets Current liabilities Cash Accounts receivable Inventory $ 2,971 $2,907 5,701 13,702 $20,336$ 22,310 Accounts payable Notes payable Other $ 2,193$ 2,680 2,196 115 $ 4,081$4,991 $14,100 16,860 4,727 12,638 1,790 98 Total Total Long-term debt Owners' equity Common stock and paid-in surplus Accumulated retained earnings $42,000 42,000 39,696 $57,694 $ 81,696 $75,875 $103,547 Fixed assets 15,694 Net plant and equipment Total assets $55,539 81,237 $75,875 $103,547 Total Total liabilities and owners' equity SMOLIRA GOLF, INC 2016 Income Statement Sales Cost of goods sold Depreciation EBIT Interest paid Taxable income Taxes $188,970 127,003 5,253 $ 56,714 1,350 $ 55,364 19,377 $ 35,987 Net income Dividends Retained earnings $11,985 24,002