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ance P13-2A The comparative statements of osborne Company are presented here. ents. OSBORNE COMPANY Income Statements For the Years Ended December 31 2013 2014 $1,750,500 $1,890,540 Net sales 1,006,000 Cost of goods sold 1,058,540 832,000 744,500 Gross profit Selling and administrative expenses 500,000 479,000 332,000 Income from operations 265,500 Other expenses and losses Interest expense 20,000 22,000 Income before income taxes 245,500 310,000 Income tax expense 92,000 73,000 Net income 218,000 172,500 OSBORNE COMPANY Balance Sheets December 31 Assets 2014 2013 Current assets Cash 60,100 64,200 Debt investments (short-term) 74,000 50,000 Accounts receivable 117,800 102,800 Inventory 115,500 126,000 Total current assets 377,900 332,500 Plant assets (net) 649,000 520,300 Total assets $1,026,900 $852,800