The $2023$ financial statements of Outdoor Waterworks Inc. follow: Outdoor Waterworks Inc.Income StatementFor Year Ended December $31,2023$Net sales$$966,000$ Cost of goods sold: Inventory, Dec. $31,2022$$$75,360$ Purchases $600,840$ Goods available for sale$$676,200$ Inventory, Dec. $31,202359,040$ Cost of goods sold $617,160$ Gross profit from sales$$348,840$ Operating expenses $273,360$ Operating profit$$75,480$ Interest expense $11,400$ Profit before taxes$$64,080$ Income taxes $18,864$ Profit$$45,216$ Outdoor Waterworks Inc.Balance SheetDecember $31,2023$Assets Cash$$22,200$ Current non$-$strategic investments $24,480$ Accounts receivable, net $52,080$ Notes receivable $10,560$ Inventory $59,040$ Prepaid expenses $5,760$ Plant and equipment, net $326,520$ Total assets$$500,640$ Liabilities and Equity Accounts payable$$48,840$ Accrued wages payable $6,240$ Income taxes payable $6,960$ Long$-$term note payable, secured by mortgage on plant $114,000$ Common shares, $160,000$ shares $192,000$ Retained earnings $132,600$ Total liabilities and equity$$500,640$ Assume all sales were on credit. Also assume the long$-$term note payable is due in $2026,$ with no current portion. On the December $31,2022,$ balance sheet, the assets totalled $$432,720,$ common shares were $$192,000,$ and retained earnings were $$107,640.$