The income statement, balance sheets, and additional information for Cloud Mangu are provided. Net sales Expenses: CLOUD MANGU Income Statement For the Year Ended December 31, 2024 Cost of goods sold Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense Total expenses Net income $ 1,650,000 798,000 21,000 7,400 12,000 42,000 $ 2,696,000 2,530,400 $ 165,600 CLOUD MANGU Balance Sheets December 31 2024 2023 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investments Land Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable $ 166,040 74,400 105,000 $ 94,320 54,000 129,000 9,360 4,680 99,000 0 204,000 228,000 258,000 204,000 (61,800) (40,800) $ 854,000 $ 673,200 $ 60,600 $ 75,000 8,800 5,400 14,400 13,400 273,000 219,000 240,000 240,000 260,600 117,000 Total liabilities and stockholders' equity $ 854,000 $ 673,200 Stockholders' equity: Common stock Retained earnings