Problem 14-2A (Video) The comparative statements of Wahlberg Company are presented here. Wahlberg Company Income Statement For the Years Ended December 31 2020 2019 Net sales $1,810,600 $1,746,200 Cost of goods sold 1,012,200 984,000 Gross profit 798,400 762,200 Selling and administrative expenses 515,200 479,600 Income from operations 283,200 282,600 Other expenses and losses Interest expense 17,300 13,300 Income before income taxes 265,900 269,300 Income tax expense 81,100 76,300 Net income $ 184,800 $ 193,000 Wahlberg Company Balance Sheets December 31 Assets 2020 2019 Current assets Cash Debt investments (short-term) Accounts receivable Inventory Total current assets Plant assets (net) Total assets Liabilities and Stockholders' Equity Current liabilities Accounts payable Income taxes payable Total current liabilities Bonds payable Total liabilities $59,500 68,200 117,100 124,000 368,800 598,600 $967,400 $63,100 49,800 102,100 114,400 329,400 519,300 $848,700 $159,200 43,800 203,000 220,000 423,000 $144,800 41,200 186,000 200,000 386,000