3 The condensed statements of Independent Auto Inc. follow. Independent Auto Inc. Income Statement (5000) For Years Ended December 31 2020 18 points Net sales Cost of goods sold Gross profit from sales Selling expenses Administrative expenses Total operating expenses Profit before taxes Income taxes Profit $210,200 125,484 2019 $193,400 2018 $168,200 119,750 $ 84,716 $ 73,658 $29,707 19,031 $48,738 $26,725 27,055 $53,780 $ 35,978 6,873 $29,105 $ 19,878 6,257 $ 13,613 106,478 $61,722 $ 22,256 13,929 $36,185 $ 25,537 5,323 $ 20,214 Independent Auto Inc. Balance Sheet (5000) December 31 2020 2019 2018 Assets Current assets Non-strategic investments Plant and equipment, net Total assets $ 35,436 $28,047 66,000 650 70,200 $36,954 3,354 42,900 $101,436 $98,897 $83,208 Liabilities and Equity Current liabilities $14,890 $14,722 $14,386 Common shares 59,700 59,700 45,000 Retained earnings 26,846 Total liabilities and equity. $101,436 24,475 23,822 $98,897 $83,208