The income statement, balance sheets, and additional information for Peterson Incorporated are provided.

$\backslash$table$[[\backslash$table$[[$PETERSON INCORPORATED$],[$Income Statement$],[$For the Year Ended December $31,2024]],,],[$Net sales,$$2,550,000,],[$Gain on sale of land,$4,500,],[$Total revenues,$2,554,500,],[$Expenses:$],[$Cost of goods sold,,$],[$Operating expenses,,$],[$Depreciation expense,,$],[$Interest expense,,$],[\backslash$table$[[$Income tax expense$],[$Total expenses$]],,],[2,367,000,],[$Net income,$$187,500,],[,],[2024,2023],[$Assets$],[$Current assets:$],[$Cash$,$$$289,400,$$$228,900$