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
($ in thousands)
	2024	2023
Assets
Cash	$ 405	$ 245
Accounts receivable	350	190
Inventory	500	275
Land	500	450
Building	900	900
Less: Accumulated depreciation	(200)	(180)
Equipment	2,500	2,150
Less: Accumulated depreciation	(325)	(300)
Patent	1,000	1,150
	$ 5,630	$ 4,880
Liabilities
Accounts payable	$ 600	$ 400
Accrued liabilities	150	130
Lease liabilityland	130	0
Shareholders' Equity
Common stock	3,100	3,000
Paid-in capitalexcess of par	750	700
Retained earnings	900	650
	$ 5,630	$ 4,880

METAGROBOLIZE INDUSTRIES
Income Statement
For the Year Ended December 31, 2024
($ in thousands)
Revenues
Sales revenue	$ 2,555
Gain on sale of land	30	$ 2,585
Expenses
Cost of goods sold	$ 800
Depreciation expensebuilding	20
Depreciation expenseequipment	160
Loss on sale of equipment	10
Amortization of patent	150
Operating expenses	600	1,740
Net income		$ 845

Additional information from the accounting records:

1. Annual payments of $20,000 on the finance lease liability are paid each January 1, beginning in 2024.
2. During 2024, equipment with a cost of $150,000 (90% depreciated) was sold.
3. The statement of shareholders' equity reveals reductions of $150,000 and $445,000 for stock dividends and cash dividends, respectively.

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
($ in thousands)
	2024	2023
Assets
Cash	$ 405	$ 245
Accounts receivable	350	190
Inventory	500	275
Land	500	450
Building	900	900
Less: Accumulated depreciation	(200)	(180)
Equipment	2,500	2,150
Less: Accumulated depreciation	(325)	(300)
Patent	1,000	1,150
	$ 5,630	$ 4,880
Liabilities
Accounts payable	$ 600	$ 400
Accrued liabilities	150	130
Lease liabilityland	130	0
Shareholders' Equity
Common stock	3,100	3,000
Paid-in capitalexcess of par	750	700
Retained earnings	900	650
	$ 5,630	$ 4,880

METAGROBOLIZE INDUSTRIES
Income Statement
For the Year Ended December 31, 2024
($ in thousands)
Revenues
Sales revenue	$ 2,555
Gain on sale of land	30	$ 2,585
Expenses
Cost of goods sold	$ 800
Depreciation expensebuilding	20
Depreciation expenseequipment	160
Loss on sale of equipment	10
Amortization of patent	150
Operating expenses	600	1,740
Net income		$ 845

Additional information from the accounting records:

1. Annual payments of $20,000 on the finance lease liability are paid each January 1, beginning in 2024.
2. During 2024, equipment with a cost of $150,000 (90% depreciated) was sold.
3. The statement of shareholders' equity reveals reductions of $150,000 and $445,000 for stock dividends and cash dividends, respectively.