Based on the patterns you see in the years $2020$ through $2023,$ prepare a projected income statement for $2024$:

Balance Sheet :

ASSETS

Cash $$24,000$ $$20,000$ $$2,000$ $$1,100$

Accounts Receivable $$2,000$ $$0$ $$0$ $$0$

Inventory $$15,000$ $$18,000$ $$7,000$ $$4,300$

TOT CURRENT ASSETS $$41,000$ $$38,000$ $$9,000$ $$5,400$

Equipment $$120,000$ $$120,000$ $$120,000$ $$120,000$

LESS Depreciation $$10,000$ $$20,000$ $$30,000$ $$40,000$

Net Equipment $$110,000$ $$100,000$ $$90,000$ $$80,000$

TOT ASSETS

$($Current Assets$+$Equip$)$ $$151,000$ $$138,000$ $$99,000$ $$85,400$

DEBT

Accounts Payable $$22,000$ $$26,000$ $$14,200$ $$10,200$

Short$-$term Notes Payable $$1,200$ $$1,400$ $$700$ $$1,200$

Long$-$term Debt $$125,000$ $$100,000$ $$84,000$ $$74,000$

Owner's Capital $$2,000$ $$10,000$ $$100$ $$0$

Retained Earnings $$800$ $$600$ $$0$ $$0$

TOTAL DEBT $$151,000$ $$138,000$ $$99,000$ $$85,400$