Holly Company Income Statement 2008 2007 Changes Change Sales Cost of Goods Sold Gross Profit Depreciation expense other operating expenses Income from Operations Gain on Sale of Equipment Net Income 7,000 4.200 2,800 200 2.400 200 6,000 3.500 2,500 120 2050 330 0 200 100 430 Holly Company Comparative Balance Sheet 2008 2007 Changes Change 350 Assets Cash Accts Receivable Inventory Land 230 560 1.150 540 1.450 500 1,700 -520 4020 0 1,700 Plant & Equipment Accumulated Depreciation Total Assets 3.3.20 Liabilities & Equity Accounts Payable Long Term Date Common Stock Retained Earnings Data Labilty & Equity 700 500 800 2,020 550 100 1,870 3320 4020 Holly 2007 blank Holly 2008 blanket Holly 2009 blank