1. Friendly Bookstore has experienced rapid growth since its formation in 2017. Following is selected data from its annual report Item Sales 2020 2019 $1,260,000 2018 $970,000 $840,000 2017 $600,000 Cost of Goods Sold Net Income $971,000 $53,000 $598,000 $515,000 $360,000 Total Assets $1,100,000 $46,000 $897,000 $39,000 $30,000 $768,000 $545,000 Number of Books 85,703 73,192 63,200 45,187 Sold