Some recent financial statements for Smolira Golf, Inc., follow. SMOLIRA GOLF INC. Balance 2013 as of December 31, 2013 and 2014 2014 2013 Liabilities and Owners' Equity 2014 Assets Current assets Current liabilities Cash Accounts receivable Inventory s 2,821 2,657 Accounts payable 4,702 5,651 Notes payable 12,738 13,652 Other s 2,218 $ 2,730 1,815 2,246 120 103 Total $20,261 S 21,960 Total s 4,136 $ 5,096 Long-term debt Owners' equity $14,600 $ 17,360 Common stock and paid-in surplus Accumulated retained earnings $44,500 S 44,500 15,719 40,061 $60,219 $ 84,561 $78,955 $107,017 Total liabilities and owners equity$78,955 $107,017 Net plant and equipment $58,694 S 85,057 Total Total assets SMOLIRA GOLF, INC. 2014 1 S 189,970 127,503 5,203 Cost of goods sold EBIT Interest paid s 57,264 1,300 Taxable income Taxes 55,964 19,587 Net income s 36,377 $ 12,035 24,342 Required