Global Company and Local Cpany are competifoes in the same duty Selected manata brother 2020 Balance Sheet December 21.2020 Cash Accounts receivable Inventory Investments Intangibles Property, plant, and equipment Total assets Accounts payable Bonds payable Preferred stock $1 par Common stock $10 par Retained earnings Total liabilities and capital Global Company Local Company $ 40,000 145,000 220,000 $255,000 490,000 770,000 130,000 410,000 43,000 90,000 550.000 $1078000 1000.000 2965.000 $190,000 310,000 $505,000 1.240.000 160,000 310.000 100,000 50,000 140.000 $1.070.000 310.000 $295.000 Income Statement For the Year Ended December 31, 2020 Sales Cost of goods sold Selling and administrative expense Interest expense Income taxes Net income Global Company Local Company $3,465,000 $15,400,000 2392,500) 11.175,000 759,000 33,000 3,190,000 176,000 140000 157,500 5.141.900 101 500