Comparative balance sheets for 2024 and 2023 and a statement of income for 2024 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided. METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2024 and 2023 Assets Cash Accounts receivable ($ in thousands) Inventory Land Building Less: Accumulated depreciation Equipment Less: Accumulated depreciation Patent Liabilities Accounts payable Accrued liabilities Lease liability-land Shareholders' Equity Common stock Paid-in capital-excess of par Retained earnings Revenues Sales revenue 2024 2023 $ 480 $ 250 550 290 700 400 700 650 800 800 (250) (215) 3,000 2,750 (355) (320) 1,000 1,150 $ 6,625 $ 5,755 $ 800 250 130 $ 550 220 0 2,660 600 2,185 2,500 560 1,925 $ 6,625 $ 5,755 METAGROBOLIZE INDUSTRIES Income Statement For the Year Ended December 31, 2024 ($ in thousands) Gain on sale of land Expenses Cost of goods sold Depreciation expense-building Depreciation expense-equipment Loss on sale of equipment Amortization of patent Operating expenses Net income $ 3,020 80 $ 3,100 $ 1,000 35 440 20 150 600 2,245 $ 855 Additional information from the accounting records: a. Annual payments of $20,000 on the finance lease liability are paid each January 1, beginning in 2024. b. During 2024, equipment with a cost of $450,000 (90% depreciated) was sold. c. The statement of shareholders' equity reveals reductions of $200,000 and $395,000 for stock dividends and cash dividends, respectively.