The comparative balance sheets for 2024 and 2023 and the statement of income for 2024 are given below for Martin Company. Additional information from Martins accounting records is provided also. If necessary, record jounral entries. Also, please make sure your final answer is highlighted in yellow
	Martin COMPANY
	Comparative Balance Sheets
	December 31, 2024 and 2023								Journal Entries, if necessary
	($ in thousands)								1)
		2024	2023
	Assets
	Cash	$62	$40
	Accounts receivable	96	100								2)
	Less: Allowance for uncollectible accounts	-8	-6
	Dividends receivable	6	4
	Inventory	110	100
	Long-term investment	30	20								3)
	Land	140	80
	Buildings and equipment	450	500
	Less: Accumulated depreciation	-50	-100
		$836	$738								4)
	Liabilities
	Accounts payable	$26	$40
	Salaries payable	4	10
	Interest payable	8	4								5)
	Income tax payable	14	16
	Notes payable	60	0
	Bonds payable	190	140								6)
	Less: Discount on bonds	-4	-6
	Shareholders' Equity	0	0
	Common stock	420	400								7)
	Paid-in capitalexcess of par	48	40
	Retained earnings	90	94
	Less: Treasury stock	-20	0
		$836	$738
	Martin COMPANY
	Income Statement
	For the Year Ended December 31, 2024
	($ in thousands)
	Revenues
	Sales revenue	$400
	Dividend revenue	6	$406
	Expenses
	Cost of goods sold	240
	Salaries expense	50
	Depreciation expense	10
	Bad debt expense	2
	Interest expense	16
	Loss on sale of building	6
	Income tax expense	32	356
	Net income		$50
	Additional information from the accounting records:
a.	On November 12, 1,000 shares of common stock were repurchased as treasury stock.
b.	The common stock of Thomas Corporation was purchased for $10,000 as a long-term investment.
c.	Cash dividends of were paid to shareholders.
d.	New equipment was purchased for $30,000 cash.
e.	On January 1, 2024, bonds were sold at their $50,000 face value.
f.	A building that originally cost $80,000, and which was three-fourths depreciated, was sold for $14,000.
g.	Property was acquired by issuing a 13%, seven-year, $60,000 note payable to the seller.
h.	On January 19, Martin issued a 5% stock dividend (2,000 shares). The market price of the $10 par value common stock was $14 per share at that time.