The 2023 financial statements of Outdoor Waterworks Inc. follow: Outdoor Waterworks Inc. Income Statement For Year Ended December 31, 2023 Net sales Cost of goods sold: $1,006,000 ded Inventory, Dec. 31, 2022 Purchases Goods available for sale Inventory, Dec. 31, 2023 Cost of goods sold Gross profit from sales Operating expenses Operating profit 77,360 604,840 $ 682,200 59,640 622,560 $ 383,440 277,360 $ 106,080 Interest expense 11,800 Profit before taxes $ 94,280 Income taxes 19,064 Profit $ 75,216 Outdoor Waterworks Inc. Balance Sheet December 31, 2023 Assets Cash $ 22,600 Current non-strategic investments Accounts receivable, net Notes receivable Inventory Prepaid expenses Plant and equipment, net Total assets Liabilities and Equity 24,960 52,480 10,960 59,640 5,840 328,520 $505,000 Accounts payable Accrued wages payable Income taxes payable $ 49,000 6,320 7,080 Long-term note payable, secured by mortgage on plant Common shares, 160,000 shares 115,200 194,000