Problem 14-3A Condensed balance sheet and income statement data for Landwehr Corporation appear below LANDWEHR CORPORATION Balance Sheets December 31 2018 2016 $19,000 50,000 64,500 49,000 Plant and equipment (net) 401,500 371,500 359,500 $542,000 $70,000 56,000 300,000 116,000 $542,000 Cash Accounts receivable (net) Other current assets Investments 2017 $ 23,400 47,000 95,500 70,800 $33,100 51,000 89,000 73,000 Current liabilities Long-term debt Common stock, $10 par Retained earnings $647,600 $608,200 $81,700 85,500 310,000 131,000 $647,600 $608,200 $73,000 81,600 340,000 153,000 LANDWEHR CORPORATION Income Statement For the Years Ended December 31 2018 2017 Sales revenue $740,000 $700,000 50,000 700,000 650,000 420,000 400,000 280,000 250,000 Operating expenses (including income taxes) 235,000 220,000 $45,000 30,000 Less: Sales returns and allowances 40,000 Net sales Cost of goods sold Gross profit Net income