Total liabilities and equity $,$$$1,250,000,$$$1,000,000$

Cold Goose's accumulated owed financial obligations decreased from Year $1$ to Year $2.$

This statement is false $-$ because:

The accounts payable account remained $$0$ for both Years $1$ and $2.$

Notes payable actually increased from $$66,406$ to $$62,500$ between Years $1$ and $2.$

long$-$term bonds decreased from $$66,406$ at the end of Year $1$ to $$62,500$ by the end of Year $2.$

Accruals actually increased from $$0$ in Year $1$ to $$11,719$ at the end of Year $2.$