The income statement, balance sheets, and additional information for Great Adventures, Inc., are provided below.

GREAT ADVENTURES, INC. Income Statement For the year ended December 31, 2014 Revenues: Service revenue (clinic, racing, TEAM) $ 577,000 Sales revenue (MU watches) 131,000 Total revenues $ 708,000 Expenses: Cost of goods sold (watches) 68,900 Operating expenses 300,276 Depreciation expense 50,000 Interest expense 28,977 Income tax expense 55,400 Total expenses 503,553 Net income $ 204,447

GREAT ADVENTURES, INC. Balance Sheet December 31, 2014 and 2013 2014 2013 Increase (I) or Decrease (D) Assets Current assets: Cash $ 397,567 $ 144,640 $ 252,927 (I) Accounts receivable 43,600 33,900 9,700 (I) Inventory 15,500 13,500 2,000 (I) Other current assets 12,900 9,400 3,500 (I) Long-term assets: Land 497,000 0 497,000 (I) Buildings 980,000 0 980,000 (I) Equipment 64,200 64,200 Accumulated depreciation (76,850) (26,850) 50,000 (I) Total assets $ 1,933,917 $ 238,790 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 12,400 $ 10,600 $ 1,800 (I) Interest payable 790 790 Income tax payable 58,500 39,900 18,600 (I) Long-term liabilities: Notes payable 492,980 30,600 462,380 (I) Stockholders' Equity: Common stock 113,000 16,000 97,000 (I) Paid-in capital 1,084,700 0 1,084,700 (I) Retained earnings 236,147 140,900 95,247 (I) Treasury stock (64,600) 0 (64,600) (I) Total liabilities and stockholders