The income statement, balance sheets, and additional information for Cloud Mangu are provided. Net sales Expenses: CLOUD MANGU Income Statement For the Year Ended December 31, 2024 Cost of goods sold Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense Total expenses Net income $ 1,550,000 778,000 19,000 7,200 11,000 40,000 $ 2,576,000 2,405,200 $ 170,800 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investments Land CLOUD MANGU Balance Sheets December 31 2024 2023 $ 152,320 72,200 105,000 $ 77,560 8,880 52,000 127,000 4,440 97,000 0 202,000 224,000 254,000 202,000 (59,400) Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable $ 832,000 (40,400) $ 646,600 $ 58,800 5,200 $ 73,000 8,400 Income tax payable 14,200 13,200 Long-term liabilities: Notes payable 269,000 217,000 Stockholders' equity: Common stock 220,000 220,000 Retained earnings 264,800 115,000 Total liabilities and stockholders' equity $ 832,000 $ 646,600