[The following information applies to the Income statement and balance sheet data for Great Adventures, Inc., are provided below. GREAT ADVENTURES, INC. Income Statement For the year ended December 31, 2022 Net sales revenues $166,240 140 Interest revenue Expenses: Cost of goods sold. $38,600 Operating expenses 52,620 Depreciation expense. 17,350 Interest expense 7,034 Income tax expense 14,600 Total expenses 130,204 Net income $ 36,176 Assets Current assets: Cash Accounts receivable Inventory Other current assets Long-term assets: Land Buildings GREAT ADVENTURES, INC. Balance Sheets December 31, 2022 and 2021 2022 2021 $ 189,114 $ 64,520 47,780 7,200 0 920 4,580 520,000 805,000 64,060 41,000 (25,450) (8,050) Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Other current liabilities Notes payable (current) Notes payable (long-term) Stockholders' equity: Common stock Paid-in capital Retained earnings Treasury stock Total liabilities and stockholders' equity $1,608,624 $102,050 21,000 800 14,600 $ 2,840 760 14,020 21,600 0 50,034 e 494,304 30,200 122,000 20,680 922,200 58,086 33,550 (96,000) $1,608,624 $102,050 As you can tell from the financial statements, 2022 was an especially busy year. Tony and Suzie were able to use the money received from borrowing and the issuance of stock to buy land and begin construction of cabins, dining facilities, ropes course, and the outdoor swimming pool. They even put in a baby pool to celebrate the birth of their first child. Great Adventures Problem AP12-1 Part 1