The following income statement and balance sheets for The Athletic Attic are provided. THE ATHLETIC ATTIC Income Statement For the Year Ended December 31, 2024 Net sales Cost of goods sold Gross profit Expenses: Operating expenses Depreciation expense Interest expense Income tax expense Total expenses Net income $8,730,000 5,365,000 3,365,000 $1,515,000 193,000 33,000 343,000 2,084,000 $1,281,000 THE ATHLETIC ATTIC Balance Sheets December 31 Assets Current assets: Cash Accounts receivable Inventory Supplies Long-term assets: Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Common stock 2024 2023 $147,000 705,000 $197,000 725,000 1,320,000 990,000 93,000 68,000 1,065,000 1,065,000 (386,000) (193,000) $2,944,000 $2,852,000 $98,000 $74,000 0 31,500 3,300 29,300 430,000 430,000 530,000 530,000 1,854,500 1,785,400 $2,852,000 Stockholders' equity: Retained earnings Total liabilities and stockholders' equity $2,944,000