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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)	$	564,000
Sales revenue (MU watches)		131,000
Total revenues			$	695,000
Expenses:
Cost of goods sold (watches)		69,100
Operating expenses		294,276
Depreciation expense		48,900
Interest expense		23,181
Income tax expense		56,400
Total expenses				491,857
Net income			$	203,143

GREAT ADVENTURES, INC. Balance Sheet December 31, 2014 and 2013
	2014			2013			Increase (I) or Decrease (D)
Assets
Current assets:
Cash	$	464,424		$	147,980		$	316,444	(I)
Accounts receivable		44,200			34,100			10,100	(I)
Inventory		16,600			12,800			3,800	(I)
Other current assets		12,500			9,300			3,200	(I)
Long-term assets:
Land		493,000			0			493,000	(I)
Buildings		1,000,000			0			1,000,000	(I)
Equipment		63,900			63,900
Accumulated depreciation		(74,450)			(25,550)			48,900	(I)
Total assets	$	2,020,174		$	242,530
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$	13,200		$	10,900		$	2,300	(I)
Interest payable		930			930
Income tax payable		57,400			38,000			19,400	(I)
Long-term liabilities:
Notes payable		401,801			31,900			369,901	(I)
Stockholders' Equity:
Common stock		118,000			19,000			99,000	(I)
Paid-in capital		1,291,900			0			1,291,900	(I)
Retained earnings		231,943			141,800			90,143	(I)
Treasury stock		(95,000)			0			(95,000)	(I)
Total liabilities and stockholders

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