[The following information applies to the questions displayed below.] Comparative balance sheets for 2024 and 2023 and a statement of income for 2024 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided. METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2024 and 2023 ($ in thousands) 2024 2023 Assets Cash $ 1,245 $ 565 Accounts receivable 980 640 Inventory 1,280 715 Land 1,055 790 Building 1,280 1,280 Less: Accumulated depreciation (680) (460) Equipment 3,230 2,440 Less: Accumulated depreciation (905) (670) Patent 1,580 2,070 $ 9,065 $ 7,370 Liabilities Accounts payable $ 1,130 Accrued liabilities Lease liability-land Shareholders' Equity Common stock Retained earnings 680 $ 640 510 510 0 3,340 3,190 Paid-in capital-excess of par 1,130 960 2,275 2,070 $ 9,065 $ 7,370 METAGROBOLIZE INDUSTRIES Income Statement For the Year Ended December 31, 2024 ($ in thousands) Revenues Sales revenue Gain on sale of land Expenses Cost of goods sold Depreciation expense-building Depreciation expense-equipment Loss on sale of equipment Amortization of patent Operating expenses Net income Additional information from the accounting records: $ 3,928 109 $ 4,037 $ 790 220 676 34 490 690 2,900 $ 1,137 a. Annual payments of $20,000 on the finance lease liability are paid each January 1, beginning in 2024. b. During 2024, equipment with a cost of $490,000 (90% depreciated) was sold. c. The statement of shareholders' equity reveals reductions of $320,000 and $612,000 for stock dividends and cash dividends, respectively. Required: 1. Prepare the T-accounts for Metagrobolize Industries. Note: Enter your answers in thousands. (i.e., 10,000 should be entered as 10). Beginning Balance Operating Activities: Cash 640 Investing Activities: Financing Activities: Ending Balance 3,928 4,568 Inventory Credit Debit Beginning Balance 715 1,355 79 Accounts Receivable Debit Beginning Balance From customers 640 3,588 3,928 From customers Ending Balance 300 Ending Balance 1,280 Land Accumulated Depreciation - B Debit Credit Debit Beginning Balance Beginning Balance Ending Balance Ending Balance Equipment Accumulated Depreciation - Eq Debit Credit Debit Beginning Balance Beginning Balance Ending Balance Patent Debit Credit Ending Balance Accounts Payable Debit Patent Accounts Payable Debit Credit Debit Beginning Balance Beginning Balance Ending Balance Ending Balance Accrued Liabilities Lease Liability - Land Debit Credit Debit Beginning Balance Beginning Balance Ending Balance Ending Balance Common Stock Paid-in Capital Debit Credit Debit Beginning Balance Beginning Balance Ending Balance Ending Balance Ketained Earnings Sales Debit Credit Debit Beginning Balance Beginning Balance Ending Balance Ending Balance Gain on Sale of Land Cost of Goods Sold Debit Credit Debit Beginning Balance Beginning Balance Ending Balance Ending Balance Depreciation Expense - Building Depreciation Expense - Equi Debit Credit Debit Beginning Balance Beginning Balance Ending Balance Ending Balance Required information Ending Balance Ending Balance Operating Expenses Net Income (Income Summ Debit Credit Debit Beginning Balance Beginning Balance Ending Balance Building Debit Credit Beginning Balance Ending Balance Ending Balance