Net sales Cost of goods sold The condensed statements of Independent Auto Inc. follow: Independent Auto Inc. Income Statement ($000) For Years Ended December 31 2020 $209,300 125,259 2019 $192,500 119,525 2018 $167,300 106,253 Gross profit from sales $ 84,041 $ 72,975 $ 61,047 Selling expenses Administrative expenses Total operating expenses Profit before taxes. Income taxes Profit $ 29,572 $ 26,590 18,941 $ 48,513 $ 53,555 $ 35,528 6,738 $ 19,420 6,122 26,965 $ 22,121 13,839 $ 35,960 $ 25,087 5,188 $ 28,790 $ 13,298 $ 19,899 Independent Auto Inc. Balance Sheet ($000) December 31 2020 2019 2018 Assets Current assets Non-strategic investments Plant and equipment, net $ 34,986 $27,597 $36,504 0 560 3,129 65,100 69,300 42,000 Total assets $100,086 $97,457 $81,633 Liabilities and Equity Current liabilities $ 14,665 $14,497 $14,161 Common shares 58,800 58,800 44,100 Retained earnings 26,621 24,160 23,372 Total liabilities and equity $100,086 $97,457 $81,633