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The income statement, balance sheets, and additional information for Great Adventures, Inc., are provided below....

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Accounting

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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, 2020 Revenues: 543,000 Service revenue (clinic, racing, TEAM) Sales revenue (MU watches 118,000 661,000 Total revenues Expenses Cost of goods sold (watches) 70,000 Operating expenses 304,276 Depreciation expense 50,000 Interest expense 29,724 Income tax expense 57,000 Total expenses 511,000 Net income 150,000 GREAT ADVENTURES, INC Balance Sheets December 31, 2020 and 2019 Increase (I) tor 2020 2019 Decrease (D) Assets Current assets: 322,362 138,000 184,362 (l) Cash Accounts receivable 45,000 35,000 10,000 (I) 14,000 Inventory 17,000 3,000 (l) Other current assets 13,000 11,000 2,000 Long-term assets 500,000 500,000 (l) Land Buildings 1,000,000 1,000,000 (l) Equipment 65,000 65,000 Accumulated depreciation (75,250) 25,250 50,000 (l) $1,887,112 237,750 Total assets

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