The balance sheets for Plasma Screens Corporation, along with additional information, are provided below. PLASMA SCREENS CORPORATION Balance Sheets December 31, 2024 and 2023 2024 2023 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-tern assets: Land Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable $154,350 $169,000 74,400 87,500 86,000 71,900 2,200 1,100 435,000 726,000 (403,000) 435,000 625,000 (250,000) $1,139,500 $1,074,950 $90,000 6,750 $76,900 13,500 Incone tax payable Interest payable Long-term Liabilities: Notes payable Stockholders' equity: Common stock Retained earnings 6,200. 4,100 112,500 225,000 655,000 655,000 204,500 165,000 Total liabilities and stockholders' equity $1,074,950 $1,139,500 Additional Information for 2024: 1. Net income is $60,000. 2. The company purchases $101,000 in equipment. No equipment was sold. 3. Depreciation expense is $153,000. 4. The company repays $112,500 in notes payable. 5. The company declares and pays a cash dividend of $20,500.